China Mobile, the world’s largest mobile network provider by subscriber numbers, is looking to raise up to RMB 56 billion ($8.8 billion) in what may be China’s largest public offering of the last 10 years, reports Reuters. The company is selling shares publicly in Shanghai after being kicked off the New York Stock Exchange, and is one of a growing number of US-traded Chinese companies seeking listings in China or Hong Kong.
Washington this month blacklisted Chinese companies, including AI company SenseTime Group, over allegations of human rights violations, and finalized rules to kick non-compliant Chinese firms off American exchanges in three years.
China Mobile said in a prospectus that it plans to sell up to 845 million shares at RMB 57.58 apiece, raising as much as RMB 48.7 billion before an over-allotment option is exercised. After that option is fully exercised, it will raise up to RMB 56 billion, making the public share sale China’s fifth-biggest on record, according to Refinitiv data. It would also be China’s biggest listing since Agricultural Bank of China’s public offering in 2010.