The Bank of New York announced today that China Telecom Corporation Limited (China Telecom) has selected the Bank as depositary for its listed American depositary receipt (ADR) program. One ADR represents 100 H shares and trades under the symbol “CHA” on the New York Stock Exchange. The company’s H shares are traded on the Hong Kong Stock Exchange.
As reported by the company, China Telecom is the leading provider of fixed-line telephone, data and Internet and leased-line services in four of the most economically developed regions in China. The company serves the regions of the municipality of Shanghai, and the provinces of Guangdong, Jiangsu and Zhejiang. China Telecom reported that its access lines in service increased from 31.9 million at the end of 1999 to 53.2 million as of June 30, 2002, which constituted a market share of 99.8% in its service regions.