Things looked bad for China Telecom after it was kicked out of New York markets in January. Former US president Donald Trump, who deemed China’s mobile carriers to have Chinese military links, banned US investment and forced a delisting. This now looks like a boon.

Since China Telecom’s ejection, shares of other US-listed Chinese companies have been hammered as Beijing cracks down on domestic companies listed overseas. Ride-hailing group Didi is still suffering. Meanwhile, shares of China Telecom, which also has a listing in Hong Kong, are up more than 50 per cent this year. With a market value of $33bn, it has received regulatory approval to raise $8.4bn in Shanghai.

The listing, set to be world’s biggest this year, is well timed and sets the stage for other Chinese groups planning to return to the mainland. China Telecom’s choice of Shanghai as its primary listing signals that Hong Kong may not be the default for companies forced out of New York. As a household name, it should also boost retail investor appetite for mainland listings, which have totalled $43bn this year.