JP Morgan Chase has increased its shareholding in China Telecom to 7.21 per cent or 1 billion shares from the earlier 6.92 per cent stake.

With this, the US financial conglomerate becomes the third largest shareholder in China Telecom. State-owned China Telecommunications Corporation remains China Telecom's single largest shareholder with 70.89 per cent stake, followed by public shareholders with 17.15 per cent stake. Meanwhile, China Communications Services, a unit of China Telecom Group, launched its IPO of 1.29 billion shares at HK$1.70-2.2 per share.