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To: GST who wrote (149724)11/7/2002 7:47:10 PM
From: Victor Lazlo  Respond to of 164684
 
another propped-up, hyped-up hollow Asian belly-flop.

"I'm shocked! Shocked I say!! "" LOL !!
This will be a fantastic short candidate in 3 mos.

China Telecom (CHA: news, chart, profile), after slashing the size of its deal by more than half, saw the U.S. end of its IPO priced just a penny over the low end of its $18.97-$21.92 range.

It's set to begin trading Nov. 14 as American depositary shares on the New York Stock Exchange.

The state-owned provider of fixed-line phone service in China is raising about $1.43 billion -- less than half its original target of $3.8 billion.

Morgan Stanley (MWD: news, chart, profile) and Merrill Lynch (MER: news, chart, profile) and China International Capital Corp. are underwriting the deal.

Reuters reported that Hutchison Whampoa Ltd. -- the Hong Kong conglomerate controlled by Asia's richest tycoon, Li Ka-shing -- said it's investing $50 million in China Telecom.

cbs.marketwatch.com