The state-run company would make the second-largest offering this year after Rivian Automotive.
In November 2020, the US government ordered Americans to be blacklisted for investing in Chinese companies deemed to have links to the Chinese military, including three of China's major mobile operators: China Mobile, China Unicom, and China Telecom. In the context of continuing tensions in Sino-US relations, a growing number of US-listed Chinese companies seek to list back to China or Hong Kong.
China Mobile said it expects to reach a net profit of CNY 114.3 million to CNY 116.46 million this year, with a growth rate of 6% to 8% year-over-year. According to its prospectus, the world's largest wireless carrier by subscriber figures will sell 845.7 million shares at the price of CNY 57.58 per share. CICC and Citic are the joint sponsors of this stock offering. The telecom giant said the fund raised would go toward 5G network expansion, cloud infrastructure, smart living projects, and tech development.
The listing price in Shanghai Stock Exchange will be sold with a 52% premium versus its Hong Kong-listed stock based on its closing price of HKD 46.45 last Friday. The company's stock will trade under the code 600941 in Shanghai.