Earlier this month, Inside Towers reported that China Mobile, the largest Chinese telecom, was shortlisted for elimination from the New York Stock Exchange (NYSE) for refusing to disclose shareholder information. On Monday, the day it was formally delisted from the NYSE, China Mobile announced plans to enter a stock exchange listing in Shanghai, China.
China Mobile issued a statement saying it would issue 965 million A-shares, or up to 4.5 percent of its total stock, on the Shanghai Stock Exchange, which could raise $7 billion in domestic investments. China Mobile is also traded on the Hong Kong Stock Exchange.
An executive order by former President Donald Trump introduced in November 2020, called for the removal of China Mobile, China Unicom, and China Telecom from the NYSE over national security concerns. The three companies appealed the decision but were advised last week they had lost their cases against the delistings.
China Mobile boasts 940 million mobile and 218 million broadband customers. In Q1, it accounted for 52 percent of telecom market revenue and 70 percent of the profit, making it the fourth-largest operator globally.
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