China Mobile is set to raise 56 billion yuan ($8.8 billion) in what could be the country’s biggest public offering in decade. The move came a year after being delisted from the New York Stock Exchange.
The world’s largest mobile network operator by subscribers is selling share publicly in Shanghai Stock Exchange after growing number of U.S. listed Chinese companies looks forward to list in the China or Hong Kong exchange amid tensions between U.S. and China.
Earlier as reported by Reuters, U.S. blacklisted Chinese company including AI company SenseTime Group over allegations of human rights violations and also has set rules to delist non-compliant Chinese firms off U.S. exchanges in three years.
China Mobile in a prospectus stated that the company to sell up to 845 million shares at 57.58 yuan per share which would raise as much as 48.7 billion yuan before an over-allotment option is exercised.