China Mobile Chairman Wang Jianzhou said the firm hopes to take advantage of an easing regulatory environment on the mainland and seek a domestic listing “as soon as possible,” Bloomberg reported. Wang’s comments follow statements made last week by the UK Chancellor of the Exchequer Alistair Darling that the Chinese government would open its bourses to foreign firms seeking a Chinese listing. China Mobile, a “red chip” firm, maintains its operations in China, but is incorporated overseas. Speaking to reporters in Hong Kong, Wang said the firm would prefer to offer Chinese depository receipts on the mainland, rather than A-shares, in order to keep compliance work at a minimum. Wang also said he is “optimistic” that a proposed purchase of a 12% stake in Taiwanese telecom firm Far EasTone would be completed, despite statements by Taiwanese officials that they would not open the island’s telecommunications sector to mainland investors.
You must log in to post a comment.