China Mobile plans to list on the Shanghai Stock Exchange after its removal from the New York Stock Exchange.
In November, then‑President Donald Trump signed an executive order that led to the delisting of China Mobile, China Unicom, and China Telecom from the NYSE on national security grounds.
The NYSE briefly reversed its decision after “further consultation with relevant regulatory authorities,” but it soon resumed delisting proceedings.
All three carriers appealed the delistings, but the appeals were unsuccessful.
“Since its listing in October 1997, the Company has complied strictly with the laws and regulations, market rules as well as regulatory requirements of its listing venues, and has been operating in accordance with laws and regulations,” wrote Grace Wong, Company Secretary of China Mobile, in an official release.
“The Company will continue to pay close attention to the development of related matters and seek professional advice to protect the lawful rights of the Company and its shareholders.”
On Monday, China Mobile, China Unicom, and China Telecom were officially delisted from the NYSE.
China Mobile has now announced its intention to issue 965 million A‑shares—about 4.5 percent of its total share capital—on the Shanghai Stock Exchange.
If the shares are priced in line with the company’s Hong Kong listing price of HK$50.10, the Shanghai offering could raise roughly $7 billion.
(Image Credit: China Mobile)