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(Reuters) – China Mobile (NYSE :), the world’s largest mobile network operator, has said it plans to raise 56 billion yuan ($ 8.8 billion) in a Shanghai public offering.
The company expects to sell 845 million yuan shares for 57.58 yuan each, and will raise 48.7 billion yuan before implementing the over-allotment option, it said in a brochure.
Once the over-allocation option is fully realized, it will get 56 billion yuan.
Hong Kong-listed China Mobile shares are being sold in Shanghai after US investment cuts left the New York Stock Exchange off the stock market.
China Telecom (NYSE 🙂 and China Unicom (NYSE 🙂 continue to be on the Chinese list of state rivals, who also dropped out of the U.S. stock market.
The removal of the list stemmed from a Trump-era decision to reduce investment in Chinese technology companies, and the Biden administration has left unchanged the ongoing tension between Washington and Beijing.
($ 1 = 7.7670 Hong Kong dollars)
($ 1 = 6.3756 yuan)
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