China Telecom gains on higher dividend news

Shares in China Telecom (0728) jumped by nearly 9 percent after raising the dividend payout.

The mainland telco said it will distribute cash dividends of no less than 60 percent of net profit for 2021 from around 40-50 percent, and will gradually increase the payout ratio to 70 percent within three years after its A-share listing.

Meanwhile, the dividend arrangement will be adjusted to provide for the declaration and payment of interim dividends from 2022, the company said.