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.
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