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China Mobile to raise up to $8.8 billion in Shanghai listing -Breaking

by Mike Robinson

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© Reuters. People talk in a booth for China Mobile at an exhibit during the China Internet Conference held in Beijing (China), July 13th 2021. REUTERS/Tingshu Wang

(Reuters) – China Mobile (NYSE) – The world’s biggest mobile operator, China Mobile (NYSE) vowed to raise 56 billion yuan (or $8.8 billion) through a Shanghai public offer.

According to a prospectus, the company intends to sell 845 million shares for 57.58 Yuan per share, and raise as high as 48.7 Billion Yuan, before any over-allotment option, it stated.

It will generate up to 56 Billion Yuan once the over-allotment option has been fully used.

After being removed from the New York Stock Exchange due to U.S. investment restrictions, China Mobile Hong Kong is now selling shares in Shanghai

China Telecom’s listing follows China Unicom (NYSE) listings, which are also taken off the U.S. exchange.

These delistings are a result of a Trump-era decision not to allow investment in Chinese technology companies. This has been kept unchanged by the Biden Administration amid ongoing tensions between Washington, Washington, and Beijing.

($1 = 7.7670 Hong Kong dollars)

($1 = 6.3756 yuan)

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