Regulator approves China Mobile Shanghai listing - Mobile World Live

Regulator approves China Mobile Shanghai listing

15 DEC 2021

China Mobile received approval from the nation’s financial regulator to raise billions of dollars by listing in Shanghai, nearly a year after being delisted from the New York Stock Exchange (NYSE).

The China Securities Regulatory Commission approved the company’s application to list A-shares, with plans to issue up to 845.7 million.

China Mobile stated it will conduct “preliminary price consultations” on 16 December and 17 December, and announce the final issue size and price of the share listing.

The state-owned company is listed on the Hong Kong Stock Exchange and stated the proceeds will be used to develop 5G networks, new cloud infrastructure, gigabit broadband and smart home offerings, and the next-generation of information technology.

China Mobile and rivals China Telecom and China Unicom were removed from the NYSE in January following a regulatory crackdown on companies deemed to be owned or controlled by the Chinese government.

In August, China Mobile detailed a plan to raise CNY56 billion ($8.8 billion) with a listing in Shanghai.

China Telecom raised CNY47.1 million when it was listed on the Shanghai Stock Exchange, while China Unicom began considering listing a stake in its smart internet technology unit on a domestic exchange.

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Joseph Waring

Joseph Waring joins Mobile World Live as the Asia editor for its new Asia channel. Before joining the GSMA, Joseph was group editor for Telecom Asia for more than ten years. In addition to writing features, news and blogs, he...

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