China Telecom names banks for IPO deal

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Hong Kong--In a move that should the whet the appetites of American companies eager to penetrate Chinese telecom markets, China Telecommunications Corp. said Friday that it has appointed three investment banks as underwriters for its initial public offering planned for July 2001. Morgan Stanley Dean Witter & Co., Merrill Lynch & Co. Inc. and China International Capital Corp. beat out global rivals to underwrite the estimated $8 billion-$10 billion IPO, expected to be Asia's biggest outside of Japan. The company will eventually get a license to provide mobile phone services, but it's unclear whether the license will be granted at the time of the listing. Intel Corp. recently signed a broad-reaching pact with China Telecom affiliate Beijing Telecom Co. to provide b-to-b Web hosting services to both mainland corporations and non-Chinese companies looking to set up an Internet presence in the country.
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