AGL 38.02 Increased By ▲ 0.08 (0.21%)
AIRLINK 197.36 Increased By ▲ 3.45 (1.78%)
BOP 9.54 Increased By ▲ 0.22 (2.36%)
CNERGY 5.91 Increased By ▲ 0.07 (1.2%)
DCL 8.82 Increased By ▲ 0.14 (1.61%)
DFML 35.74 Decreased By ▼ -0.72 (-1.97%)
DGKC 96.86 Increased By ▲ 4.32 (4.67%)
FCCL 35.25 Increased By ▲ 1.28 (3.77%)
FFBL 88.94 Increased By ▲ 6.64 (8.07%)
FFL 13.17 Increased By ▲ 0.42 (3.29%)
HUBC 127.55 Increased By ▲ 6.94 (5.75%)
HUMNL 13.50 Decreased By ▼ -0.10 (-0.74%)
KEL 5.32 Increased By ▲ 0.10 (1.92%)
KOSM 7.00 Increased By ▲ 0.48 (7.36%)
MLCF 44.70 Increased By ▲ 2.59 (6.15%)
NBP 61.42 Increased By ▲ 1.61 (2.69%)
OGDC 214.67 Increased By ▲ 3.50 (1.66%)
PAEL 38.79 Increased By ▲ 1.21 (3.22%)
PIBTL 8.25 Increased By ▲ 0.18 (2.23%)
PPL 193.08 Increased By ▲ 2.76 (1.45%)
PRL 38.66 Increased By ▲ 0.49 (1.28%)
PTC 25.80 Increased By ▲ 2.35 (10.02%)
SEARL 103.60 Increased By ▲ 5.66 (5.78%)
TELE 8.30 Increased By ▲ 0.08 (0.97%)
TOMCL 35.00 Decreased By ▼ -0.03 (-0.09%)
TPLP 13.30 Decreased By ▼ -0.25 (-1.85%)
TREET 22.16 Decreased By ▼ -0.57 (-2.51%)
TRG 55.59 Increased By ▲ 2.72 (5.14%)
UNITY 32.97 Increased By ▲ 0.01 (0.03%)
WTL 1.60 Increased By ▲ 0.08 (5.26%)
BR100 11,727 Increased By 342.7 (3.01%)
BR30 36,377 Increased By 1165.1 (3.31%)
KSE100 109,513 Increased By 3238.2 (3.05%)
KSE30 34,513 Increased By 1160.1 (3.48%)
Markets

China Mobile eyes $6bn Shanghai listing after flagging NYSE exit

  • The mainland's largest wireless carrier said on Monday it plans to sell no more than 964.8 million shares, or 4.5% of its total issued shares, publicly on the Shanghai Stock Exchange at an undisclosed price.
  • China Mobile, China Telecom and China Unicom said earlier this month they expect the NYSE to notify regulators of their delistings after an unsuccessful appeal by the companies to revert the move.
Published May 17, 2021

China Mobile has approved plans for a potential HK$47.08 billion ($6.06 billion) listing in Shanghai, weeks after the telecom firm said it would be delisted by the New York Stock Exchange in line with US investment restrictions dating to 2020.

The mainland's largest wireless carrier said on Monday it plans to sell no more than 964.8 million shares, or 4.5% of its total issued shares, publicly on the Shanghai Stock Exchange at an undisclosed price.

Shares of the company closed at HK$48.8 on Monday.

China Mobile, China Telecom and China Unicom said earlier this month they expect the NYSE to notify regulators of their delistings after an unsuccessful appeal by the companies to revert the move.

The delistings stem from a Trump-era decision to restrict investment in Chinese technology firms, which has been left unchanged by the Biden administration amid continuing tensions between Washington and Beijing.

In March, China Telecom announced its plans to raise roughly $4.1 billion by selling up to 12.09 billion shares on the Shanghai Stock Exchange.

China Mobile said it aims to use the proceeds from the offering to develop its premium 5G networks and infrastructure for cloud resources, among others.

It may also expand its offering by 15% by exercising an over-allotment "greenshoe" option, it said in a statement.

Comments

Comments are closed.