Friday, January 28, 2022

China Mobile will debut in Shanghai after the biggest Chinese offer in a decade

Must Read

Putin says West has not addressed key concerns in Ukraine standoff

By Vladimir Soldatkin, Alexander MarrowMOSCOW () -President Vladimir Putin said on Friday the United States and NATO had...

Jeff Hardy Trends Big After News Of Rejected WWE Hall of Fame Offer

Jeff Hardy is doing things completely on his terms these days. The Charismatic Enigma recently walked out...

Brittany Matthews is fighting against champagne celebration backlash

Brittany Matthews is taking a positive approach to dealing with online bullying after she was criticized for spraying...


SHANGHAI () – China Mobile Ltd will begin trading in Shanghai on Wednesday, raising 48.7 billion yuan ($ 7.7 billion) in China’s largest public stock in the last decade.

FILE PHOTO: The China Mobile sign appears on the street in Shanghai, China, on January 8, 2021, when coronavirus disease (COVID-19) is on the rise. / Aly Song

China Mobile’s debut in Shanghai can be closely watched as many companies, including BeiGene Ltd, fell below offer prices during their debut in China.

China Mobile, the world’s largest mobile operator by number of subscribers, sold 845.7 million shares in Shanghai for 57.58 yuan ($ 9.06) each, the company said in a statement on Tuesday, announcing its debut date.

On Monday, the company’s shares in Hong Kong ended at HK $ 47.1 ($ 6.04), representing a 33% discount from its offer price in Shanghai.

According to Refinitive, if the redistribution option is fully implemented, China Mobile’s share sales volume will expand to 56 billion yuan, making it China’s fifth-largest bond at a record level.

China Mobile’s smaller state-owned rivals, China Telecom and China Unicom, are already registered in China.

At a time when tensions between Washington and Beijing continue, three people have been removed from the New York Stock Exchange following Trump’s decision to restrict investment in Chinese technology firms.

China Mobile said the proceeds from the proposal will be used to develop projects that include high-end 5G networks, infrastructure for cloud resources and intelligent ecosystems.

(1 dollar = 6.3521 yuan)

(1 dollar = 7.7981 Hong Kong dollars)

Interviews by Samuel Shen and Scott Murdoch; Edited by Stephen Coates

.

- Advertisement -
Latest News

Putin says West has not addressed key concerns in Ukraine standoff

By Vladimir Soldatkin, Alexander MarrowMOSCOW () -President Vladimir Putin said on Friday the United States and NATO had...

Jeff Hardy Trends Big After News Of Rejected WWE Hall of Fame Offer

Jeff Hardy is doing things completely on his terms these days. The Charismatic Enigma recently walked out on WWE in the middle...

Brittany Matthews is fighting against champagne celebration backlash

Brittany Matthews is taking a positive approach to dealing with online bullying after she was criticized for spraying champagne on Kansas City fans...

Unvaxxed comedian Christian Cabrera, 40, dies from COVID-19

Unvaccinated comedian Christian Cabrera died of COVID-19 at the age of 40 - two days later, he texted his brother and said he...

Italian business leader rejects criticism of call with Putin

MILAN, Jan 28 () - Companies have the right to protect their interests in Russia even at a time of rising tensions, a...
- Advertisement -

More Articles Like This