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.Subscribe to our daily newsletter Back