The pivot back home for funds comes as Beijing extends a crackdown on its companies that are are listing overseas and as tensions between the U.S. and China continue to ratchet up.

China Telecom, which went public in Hong Kong and New York in 2002, has had to scale back its offering in Shanghai, however. The sale of 10.4 billion A shares in the offering, excluding the greenshoe option, is down from the 12.1 billion shares it had said it would initially sell in April.

Still, if the Chinese company exercises an over-allotment option, the company could raise as much as 54.2 billion yuan from its sale of A-shares, according to a statement to the exchange.

China Telecom’s listing will help it diversify its financing channels, according to analysts. The telecom titan needs to ramp up its financing as it backs China’s ambitions to lead in developing investment-heavy super-fast 5G networks.

Proceeds from the Shanghai IPO will be used for a 5G industrial Internet construction plan, cloud-network integration, a new information infrastructure project and research and development, according to China’s Telecom’s filing to the Shanghai stock exchange. Mainland brokerages CICC and China Securities are the joint sponsors on the listing.