China Mobile denied rumours of an upcoming A-share issue that pushed its share price up 3.7% on Tuesday to a historic high of US$8.99 (HK$70) before closing at US$8.92 (HK$69.70), the Hong Kong Standard reported. Although the company has applied to issue China Depositary Receipts, a spokesperson was unwilling to give any information on it. Chinese media reported over the weekend that China Mobile planned to issue A-shares but some analysts were skeptical, saying the company does not need the liquidity an A-share offering would generate. One analyst told the newspaper that China Mobile could follow China Unicom and set up a holding company in the mainland to issue A-shares but, at this point, it is unlikely.
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