News Snapshot:
The cracks in China Telecom’s onshore stock so soon after its 54 billion yuan (US$8.3 billion) public offering offer a stark reminder to traders that offshore investors still matter when it comes to stock valuation. Shares of the nation’s biggest fixed-line operator slumped by 10 per cent on Tuesday in Shanghai, a second day of maximum drop allowed, following its local debut on Friday. Only about 12 per cent of its free-float has changed hands this week, suggesting the selling pressure has not peaked. The slump underscores the risk in holding dual-listed mainland stocks which trade at a huge premium...
