China Mobiles Shanghai debut lukewarm after US delisting

Hiseasnetwork3周前Europe59
China Mobile shares ended with slight gains on Wednesday in their debut on the Shanghai stock exchange after the telecoms giant was delisted in New York as tensions soared between Beijing and Washington. China Mobiles Shanghai debut lukewarm after US delistingChina Mobile shares ended with slight gains on Wednesday in their debut on the Shanghai stock exchange after the telecoms giant was delisted in New York as tensions soared between Beijing and Washington.

The stock had jumped as much as 9.4 percent at the start of trading — edging toward the 10 percent limit that triggers a trading halt in China — before steadily falling back through the day.

It ended at 57.88 yuan, a gain of 0.52 percent.

The share issue is expected to raise $8.8 billion after the company exercises an over-allotment option, Bloomberg News said, making it the largest on China’s domestic stock markets in more than a decade.

China’s biggest wireless carrier by revenue was removed from the New York Stock Exchange last year along with fellow state-owned telecoms firms China Telecom and China Unicom.

That followed an executive order by former president Donald Trump banning Americans from investing in a range of companies deemed to be supplying or supporting China’s military and security apparatus.

China Mobile has said funds raised through the flotation will go towards building 5G infrastructure, as well as “smart home” projects and other initiatives.

Some of China’s biggest tech and telecom firms listed on US stock markets in recent decades as they sought access to funding on more developed capital markets.

相关文章

Hong Kong bans flights as Omicron surges around globe

Hong Kong bans flights as Omicron surges around globe

Asian financial hub Hong Kong banned flights from eight nations on Wednesday as part of strict new v...

Monster iceberg released billions of tonnes of fresh water into ocean

Monster iceberg released billions of tonnes of fresh water into ocean

A giant iceberg that detached from Antarctica in 2017 released the equivalent of 61 million Olympic-...

Taliban dismiss 3,000 members for committing abuses

Taliban dismiss 3,000 members for committing abuses

Facebook Twitter WhatsApp Telegram...

UK school drops J.K. Rowling name amid trans row

UK school drops J.K. Rowling name amid trans row

A British school has dropped J.K. Rowling's name from one of its houses because of the "Ha...

Brazils Bolsonaro says cleared for release from hospital

Brazils Bolsonaro says cleared for release from hospital

Brazil's President Jair Bolsonaro said Wednesday he had been cleared to leave the hospital, two...

14 dead, 70,000 displaced in Malaysian floods

14 dead, 70,000 displaced in Malaysian floods

The Malaysian military used boats Tuesday to distribute food to desperate people trapped in their ho...