Tuesday, July 5, 2022

China Mobile Plans to Raise up to $8.8bn in Shanghai Listing

The world’s largest mobile network provider China Mobile, expects to raise as much as $8.8bn (£6.7bn) when it sells its shares in Shanghai Listing. The corporation was booted from the New York Stock Exchange owing to restrictions established under Donald Trump’s administration. It joins a rising number of US-listed Chinese corporations that are departing Wall Street.

China Mobile’s smaller rivals, China Telecom and China Unicom, have already made the shift to their native nation. The three firms were delisted from the New York Stock Exchange after a Trump-era move to prohibit investment in Chinese technology companies.

The strategy remains unaltered throughout the administration of President Joe Biden as ties between Washington and Beijing continue to be strained. On Monday, Chinese artificial intelligence start-up SenseTime Group renewed its $767m Hong Kong share offering.

The news came a week after the listing was canceled after Americans were forbidden from investing in the corporation.

Washington had accused SenseTime of creating face recognition software to ascertain people’s ethnicity, with a concentration on identifying ethnic Uyghurs. The corporation has previously rejected the US government’s allegations: “Our group’s goods and services are meant for civilian and commercial usage and not for any military use,” it said in a statement on Monday.

SenseTime’s shares are set to commence trading on the Hong Kong Stock Exchange on 30 December. Also this month, Chinese ride-hailing company Didi Global stated it wanted to remove its shares off the New York Stock Exchange and shift its listing to Hong Kong.

The news comes after the US market watchdog published stringent new requirements for Chinese corporations that list in America.

“Following rigorous investigation, the business will immediately commence delisting on the New York stock market and start preparations for listing in Hong Kong,” the company stated on its account on Weibo, China’s Twitter-like microblogging network.

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