China Mobile became the latest Chinese operator previously ejected from the US stock market to reveal plans for a bumper share sale in Shanghai, with plans to reportedly raise CNY56 billion ($8.6 billion) to partly fund 5G investments.
In a statement to the Hong Kong stock exchange, where there operator has its primary listing, China Mobile confirmed prospectus documents had been submitted to the China Securities Regulatory Commission. Its plan must still be approved prior to the sale progressing.
South China Morning Post reported the company aimed to raise CNY56 billion, with proceeds partly financing network improvements including its continuing 5G rollout.
Its targeted sum is slightly higher than China Telecom aimed for in its listing, with the latter’s shares set to begin public trading in the country imminently.
The sale follows the removal of both companies shares, alongside China Unicom, from the New York Stock Exchange earlier this year as a result of a decision by US authorities to ban domestic investors from trading in the trio’s equities.
All three operators appealed the decision but were unsuccessful.Subscribe to our daily newsletter Back