What’s new: State-owned telecom giant China Mobile Ltd. is set to debut on the Shanghai Stock Exchange on Wednesday, according to its exchange filing to the Hong Kong bourse on Tuesday.
No additional details were offered in the latest notice. But in a filing two weeks ago, the company said it aimed to raise up to 55.9 billion yuan ($8.78 billion) — placing it among the largest global offerings of the past year — by selling up to 972.6 million shares at 57.58 yuan each.
Background: The New York Stock Exchange suspended trading in China Mobile last January, along with two other major state-owned wireless carriers, China Telecom and China Unicom, due to an investment ban ordered by the former U.S. president.
All three were later expelled from the U.S. exchange in May 2021. Three months after that, China Telecom listed in Shanghai raising more than $7 billion. China Mobile won approval to sell shares on the Shanghai bourse in November. China United Network Communications Ltd. has been trading China Unicom shares on the exchange since 2002. The three have all also listed in Hong Kong.
For the first nine months of 2021, China Mobile posted profit before tax of 115 billion yuan, representing a 6.7% yearly growth, according to its latest financial statement.
Bloomberg contributed to this story.
Contact reporter Manyun Zou (manyunzou@caixin.com) and editor Heather Mowbray (heathermowbray@caixin.com)
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