China Mobile (0941), the country's largest wireless carrier by revenue, plans to issue about 845.7 million A-shares, representing 3.97 percent of the extended total ordinary shares after receiving approval from regulators to list in Shanghai.
It did not specify the amount it hopes to raise, but based on the closing price of its stock in Hong Kong yesterday the figure would be the equivalent to HK$39 billion, though China stocks usually trade at a hefty premium to their counterparts across the border. Its shares dropped 0.54 percent to HK$46.1.
It also estimated that it would post a net profit of 114.3 billion yuan (HK$140.11 billion) to 116.4 billion yuan to for 2021, up 6 percent to 8 percent year-on-year.
The New York Stock Exchange suspended trading in China Mobile in January, along with the country's other two major state-owned operators China Telecom (0728) and China Unicom Hong Kong (0762). That development followed an order barring US investments in Chinese firms that the Trump administration deemed a threat to national security. China Telecom was listed in Shanghai in August after raising 47.1 billion yuan and China Unicom was already trading on the bourse.
