China Mobile will hold a share offering in Shanghai a year after sanctions imposed by former US president Donald Trump forced the world’s largest telecoms company by subscribers to delist in New York.
China Mobile will offer up to 845.7m A-class shares representing a 3.97 per cent stake in the company, according to a filing on the Hong Kong stock exchange, where it retains an existing listing. The company added that it would conduct price consultations for its offering in China on Thursday and Friday.
The Shanghai listing comes as the Biden administration takes an increasingly hawkish stance towards China. Washington blacklisted Chinese artificial intelligence company SenseTime last week as part of broader human rights sanctions on people and entities linked to China, Myanmar, North Korea and Bangladesh.