China Mobile To Raise Up To $8.8 Bln In Shanghai Listing

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China Mobile  the world’s largest mobile network operator by total subscribers, said on Tuesday it aims to raise up to 56 billion yuan ($8.8 billion) in a Shanghai public offering, a year after being kicked off the New York Stock Exchange.

A growing number of U.S.-listed Chinese companies are seeking listings in China or Hong Kong amid rising Sino-U.S. tensions.

Washington this month blacklisted Chinese companies, including AI company SenseTime Group, over allegations of human rights violations.

It also finalised rules to kick non-compliant Chinese firms off American exchanges in three years.

China Mobile said in a prospectus that it plans to sell up to 845 million shares at 57.58 yuan apiece, raising as much as 48.7 billion yuan before an over-allotment option is exercised.

After that option is fully exercised, it will raise up to 56 billion yuan.

China Mobile’s smaller state-owned rivals, China Telecom and China Unicom are already listed in China.

The three were delisted from New York stock exchange after a Trump-era decision to restrict investment in Chinese technology firms.

– Reuters

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