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Wan LixinOpinion deputy editor of Shanghai Daily
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China Mobile aims for US$7b from local IPO
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CHINA Mobile is aiming to raise US$7.64 billion in a Shanghai share listing, documents filed yesterday showed, after the telecoms giant was delisted in New York after tensions between Beijing and Washington worsened.
The 48.7 billion yuan initial public offering would be one of the largest on China’s domestic stock markets for a decade, according to a calculation by Bloomberg News, based on the company’s prospectus.
China’s largest wireless carrier by revenue was removed from the New York Stock Exchange this year along with fellow state-owned telecoms firms China Telecom and China Unicom, as part of an executive order by former president Donald Trump.
The prospectus filed with the Shanghai exchange said it plans to issue 845.7 million shares at 57.58 yuan each today.
If an over-allotment option is exercised in full, China Mobile could raise as much as US$8.78 billion.
The group has said that funds raised will go towards building 5G infrastructure, as well as “smart home” projects and other initiatives.
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