SHANGHAI: Shares of China’s second-largest mobile operator, China Telecom, surged as much as 44 percent over the offer price of 4.53 yuan, as the company made its stock market debut on Friday. China Telecom listed more than 11.9 billion shares, according to a posting on the company’s website. The company raised 54.2 billion yuan ($8.36 billion) on the first day of its listing on the Shanghai Stock Exchange, exceeding expectations by around 12%. The stock was trading 16.34% higher at 5.27 yuan per share. The listing drew the attention of around 20 strategic investors, including telecom giant Huawei Technologies, data...