Shares of the Chinese telecom giant, which is blacklisted by the US government due to alleged links to the Chinese military, opened 5.7% higher and rose as much as the bourse’s 44% limit on new shares before giving up some gains. The stock ended the session at 6.11 yuan, up from an offer price of 4.53 yuan, in a surge that was conspicuous in a weak market that saw China’s blue-chip index shed nearly 2%. “When money is hard to be made elsewhere, newly-listed China Telecom easily becomes the target for speculators,” said Li Runze, an analyst at Soochow Securities....