China Mobile cleared for Shanghai listing

14 Dec 2021

Chinese full-service provider China Mobile has been granted approval to list publicly on the Shanghai Stock Exchange (SSE) by the China Securities Regulatory Commission (CSRC). The operator is planning to offer up to 845.7 million new shares, equivalent to 3.97% of its ordinary shares following the issue, although it may choose to exercise an over-allotment option. The value of the issue is yet to be determined, with the company set to conduct preliminary price consultations later this week to establish the issue price. Bloomberg writes that the issue could raise around USD5 billion based on the share price of its Hong Kong stock. China Mobile is planning to use the proceeds of the sale to invest in the development of 5G networks, new infrastructure for cloud resources and gigabit broadband and smart home as well as research and development of next-generation information technology.

China, China Mobile