China Mobile to list on Shanghai bourse
Print Edition
STATE-OWNED China Mobile has received approval to list publicly in Shanghai, documents showed, nearly a year after it was delisted in the United States along with two other Chinese telecom giants as tensions soared between the two countries.
China Mobile plans to issue 846 million shares, accounting for 3.97 percent of its total shares, in a move that could raise around US$5 billion based on the last closing price of its Hong Kong-listed shares.
It will start online subscriptions for retail investors on December 22, according to a prospectus released on the Shanghai stock exchange website yesterday.
The firm was delisted in the US along with China Telecom and China Unicom in January following an executive order by former president Donald Trump.
The order banned Americans from investing in a range of companies deemed to be supplying or supporting China’s military and security apparatus.
Funds raised will go towards building 5G infrastructure, cloud technology and the Internet of Things, as well as “smart home” projects and other initiatives, the company said. No date for the debut was provided.
Shares of China Telecom, the country’s biggest fixed-line operator, debuted in Shanghai in August in a listing that raised US$7.3 billion.
China Unicom has listed shares of a subsidiary in Shanghai since 2002. China Mobile’s IPO size is expected to hit 56 billion yuan (US$8.75 billion), higher than China Telecom’s 53.7 billion yuan and SMIC’s 53.2 billion yuan. It comes in just behind the Agricultural Bank of China’s IPO of 68.5 billion yuan in 2010.
China Mobile has over 20,000 patents with an advanced patent pool of telecommunications (5G), digital certification, and information and data recommendation.
The company’s technologies also cover video and image processing and facial recognition, said PatSnap, a patent analysis and consulting firm.
In the first nine months, the HK-listed China Mobile posted a revenue of 648.6 billion yuan, marking a 12.9 percent growth from a year ago.
It expected the 2021 final revenue numbers to grow 11 percent to up 852.6 billion yuan.
By September, China Mobile had 956 million users, much higher than China Telecom’s 370 million users and China Unicom’s 316 million users.
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