China Mobile Seeks Shanghai Listing Following NYSE Eviction: WSJ

May 18, 2021 4:08 PM | 1 min read | Make a Comment

China Mobile Ltd CHLKF seeks to raise almost $6.1 billion from the sale of up to 964.8 million shares (based on Monday closing price) in Shanghai Stock Exchange following former Trump government-led eviction from the U.S. exchange, the Wall Street Journal reports.
On May 6, China Mobile, China Telecom Corp Ltd CHJHF, and China Unicom (Hong Kong) Ltd CHUFF lost appeals against the NYSE eviction. The companies will be subsequently delisted based on the Trump order.
China Mobile plans to spend the proceeds on faster mobile networks, new cloud infrastructure, and superfast broadband.
China Telecom is also chasing a Shanghai listing.
China Unicom parent China United Network Communications Ltd is already listed on the Shanghai exchange.