China Mobile wants to end the year with a bang.
The Chinese telecom giant announced Tuesday that it wants to raise as much as 56 billion yuan ($8.8 billion) on the Shanghai stock exchange after it was forced to quit Wall Street in January. In a filing to the Hong Kong stock exchange, where its stock also trades, the company said it planned to issue between 845.7 million and 972.6 million new shares for nearly 57.6 yuan (about $9) apiece. That would make it one of the world’s biggest equity offerings this year, according to Refinitiv. The massive debut makes for a splashy homecoming for China Mobile. The company did not specify a listing date in its prospectus, but said it planned to apply for its Shanghai debut „as soon as possible.“ Earlier this year, China Mobile, along with two other Chinese state-run telecom firms — China Telecom and China Unicom — were kicked off the New York Stock Exchange, after the Trump administration barred American investment in companies with ties to the Chinese military.
