China Mobile planning Shanghai share issue after NYSE delisting

25 May 2021

Chinese full-service provider China Mobile has unveiled plans for a listing on the Shanghai Stock Exchange after it was delisted from the New York Stock Exchange (NYSE) – along with its rival operators China Unicom and China Telecom – in line with a directive from US authorities. The proposed share issue would see China Mobile sell up to 964.813 million shares, equivalent to no more than 4.5% of its total issued shares and worth up to an estimated CNY38.95 billion (USD6.1 billion) – based on the price of its Hong Kong-listed shares. In a regulatory filing the operator noted that the proceeds from the sale would be used for the development of its 5G mobile networks, infrastructure for cloud resources and gigabit broadband and smart home services, amongst others.

As previously reported by TeleGeography’s CommsUpdate, rival operator China Telecom has also set out plans for a Shanghai listing in the wake of its that could raise around USD4.1 billion.

China, China Mobile