SHANGHAI () -China Mobile Ltd shares rose on its Shanghai debut on Wednesday after the company raised 48.7 billion yuan ($ 7.64 billion) in China’s largest public stock placement over the past decade.
The stock opened at 63 yuan, up 9.4 percent from the offer price of 57.58 yuan and up 3.3 percent in the last trade, to 59.45 yuan.
Shares registered in Hong Kong rose 3.8 percent in initial trading. In a statement on Tuesday, the company said it plans to repurchase 2.05 billion shares worth about $ 13 billion.
The carrier’s debut has been closely watched recently after a number of Chinese companies, including BeiGene Ltd, also saw their shares fall below offer prices on the first day of trading.
China Mobile, the world’s largest mobile operator by total number of subscribers, sold 845.7 million shares in Shanghai for 57.58 yuan each.
China Mobile said it plans to use the proceeds from the proposal to develop projects that include high-end 5G networks, infrastructure for cloud resources and intelligent ecosystems.
(1 dollar = 6.3721 yuan)
Interviews by Andrew Galbraith and Samuel Shen; Edited by Tom Hogg and Stephen Coates