China Mobile followed its rival China Telecom’s move to consider an A-share listing, after the stocks of the two state-owned telecom operators along with peer China Unicom were delisted by the New York Stock Exchange in January under a Donald Trump-era investment ban, reported Caixin.
Yang Jie, chairman of China Mobile, told reporters during a conference call releasing earnings Thursday that the company is actively studying the possibility of an A-share listing, and it has “taken note” of a series of policies implemented by Beijing that create a favorable environment for red-chip companies to return to mainland exchanges.
The company reported Thursday a net profit of RMB 107.8 billion ($16.5 billion) for 2020, an increase of 1.1% from a year ago, with revenue of RMB 768.1 billion ($117.3 billion), up 3%. Yang said the company plans to increase 5G spending by 7.3% this year to RMB 110 billion ($16.8 billion).