China’s largest wireless carrier by revenue, China Mobile, has been given permission to list in Shanghai by regulators after the company had been removed from the New York Stock Exchange as the result of an investment ban put in place by former US President Donald Trump, reports Bloomberg. The state-run enterprise got the go-ahead earlier this month from the China Securities Regulatory Commission to issue A-shares, according to a filing late Monday with Hong Kong’s stock exchange.
The company plans to issue about 845.7 million shares, it said in a prospectus on the Shanghai bourse’s website. Based on the closing price of its Hong Kong-listed stock Monday, the offer would raise the equivalent of around $5 billion.
The NYSE suspended trading in China Mobile in January, along with the Asian nation’s other major state-owned operators, China Telecom Corp. and China Unicom Hong Kong Ltd. That development followed an order barring US investments in Chinese companies that the Trump administration deemed a threat to national security.
China Telecom listed in Shanghai in August after raising more than $7 billion. China United Network Communications Ltd. was already trading on the bourse.