China Telecom Corp soared 34% on its Shanghai debut on Friday, defying a pessimistic market after raising $7.3 billion in the year’s largest public offering. Shares of the Chinese telecom behemoth, which is on the US government’s blacklist owing to alleged ties to the Chinese military, started 5.7 percent higher and climbed as far as the bourse’s 44 percent new share limit before giving up part of their gains. The shares finished the day at 6.11 yuan, up from an offer price of 4.53 yuan, in a notable rise in a poor market that saw China’s blue-chip index drop almost...