Shanghai listing to raise up to CNY56bn for China Mobile

21 Dec 2021

Chinese full-service provider China Mobile has announced that the issue price for its shares in its upcoming listing on the Shanghai Stock Exchange (SSE) will be CNY57.58 (USD9.03) per share. As previously reported by TeleGeography’s CommsUpdate, the operator is planning to issue 845.7 million shares – or up to 972.6 million if the over-allotment option is exercised in full – on the SSE, with the initial listing equating to 3.97% of the company’s shares following the issue. With the sale price now determined, the issue is expected to raise between CNY48.7 billion and CNY56.0 billion. 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