Fund managers eager to capture the upside generated by the country's economic re-structuring and privatization programme have ploughed $19.22 billion into the PRC's two largest telecommunications and oil companies since the beginning the year. All four offerings have shared a common thread linking the strategic investors anchoring every deal with the large index players who have similarly regarded each one as a must-buy.
China Mobile's ambitions to partially fund the acquisition of seven networks with a $6.6 billion share placement and $600 million convertible has upped the ante a few notches further, however. With similarly large offerings by European and US wireless companies falling prey to volatile markets and deteriorating...
