China reshapes telecom mandates

China Telecom South is likely to be the first of four major international capital fundraisings from the Mainland's telecom sector next year, with the leads said to be targeting listing on the Hong Kong and New York stock exchanges by the end of the second quarter. Bankers comment that the pecking order and exact structure of the four deals from - China Telecom South, China Mobile, China Unicom and China Netcom (CT North) - will be critical if China is to successfully push out well over $10 billion of paper in a market where telecom valuations remain low.