China Mobile is planning to list on the Shanghai stock exchange after being exiled from the NYSE.
Last November, then-president Donald Trump signed an executive order to delist China Mobile, China Unicom, and China Telecom from the New York Stock Exchange on national security grounds.
The NYSE briefly backtracked on its plan to delist the Chinese telecoms giants after “further consultation with relevant regulatory authorities”. However, the exchange quickly changed its mind again and decided to press on with delisting proceedings.
All three of the operators appealed the delistings but gave notice last week that they had lost their case.
“Since its listing in October 1997, the Company has complied strictly with the laws and regulations, market rules as well as regulatory requirements of its listing venues, and has been operating in accordance with laws and regulations,” wrote Grace Wong, Company Secretary of China Mobile, in a release.
“The Company will continue to pay close attention to the development of related matters and seek professional advice to protect the lawful rights of the Company and its shareholders.”
On Monday, China Mobile, China Unicom, and China Telecom were officially delisted.
China Mobile has now announced that it intends to issue 965 million A-shares – approximately 4.5 percent of its total – on the Shanghai Stock Exchange.
Around $7 billion could be raised from China Mobile’s listing in Shanghai if shares reach the same price as the company’s listing on the Hong Kong Stock Exchange of HK$50.10.
(Image Credit: China Mobile)
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