China Mobile aiming to raise $8.8bn in Shanghai listing

China Telecom.jpg

China Mobile is aiming to raise up to 56 billion yuan ($8.8 billion) in the country’s biggest public offering for over a decade.

This development comes a year after it was kicked off the New York Stock Exchange and told earlier this month that it must cease all operations in the US by early January.

This month Washington has blacklisted more Chinese companies including AI firm SenseTIME Group over allegations of human rights violations.

China Mobile is selling shares publicly in Shanghai as more US-trading Chinese companies seek listings in China and Hong Kong amid growing Sino-US tensions.

The operator said that it is selling up to 845 million shares at 57.58 yuan per share which could raise up to 48.7 billion yuan before an over-allotment option is exercised.

Its rivals China Telecom and China Unicom have already made the move into their home country and are already listed in China.

The three were de-listed in New York after a Trump-era decision to restrict investment was not reversed when Biden took over as President last year.