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China Mobile Poised for Shanghai Mega-Listing After U.S. Ban
$CHINA MOBILE (00941.HK)$ $China Mobile (CHL.US)$
China Mobile Ltd., the country's largest wireless carrier by revenue, has received approval from regulators to list in Shanghai after being removed from the New York Stock Exchange due to an investment ban ordered by former President Donald Trump.
The company plans to issue about 845.7 million shares, it said in a prospectus on the Shanghai bourse’s website dated Tuesday that didn’t say how much China Mobile hoped to raise. Based on the last close of its Hong Kong-listed stock, the figure would be the equivalent of around $5 billion, although China stocks usually trade at a hefty premium to their counterparts across the border.
China Mobile Ltd., the country's largest wireless carrier by revenue, has received approval from regulators to list in Shanghai after being removed from the New York Stock Exchange due to an investment ban ordered by former President Donald Trump.
The company plans to issue about 845.7 million shares, it said in a prospectus on the Shanghai bourse’s website dated Tuesday that didn’t say how much China Mobile hoped to raise. Based on the last close of its Hong Kong-listed stock, the figure would be the equivalent of around $5 billion, although China stocks usually trade at a hefty premium to their counterparts across the border.
That would be the most since Semiconductor Manufacturing International Corp., which raised $7.6 billion last year. It would also be among the top 10 listings on record in China, according to data compiled by Bloomberg, ranking China Mobile with the nation’s big banks and energy giant PetroChina Co.
China Mobile shares fell 0.5% in Hong Kong, closing at the lowest since Jan. 26.
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TMW1986 : So much selling still. Must wait for A share listing then see how. Seems oversubscribed.