China Mobile shares rise in Shanghai debut after US exit



China Mobile shares rise in Shanghai debut after US exit

Mobile shares have risen as they started trading in Shanghai after raising $7.7bn (£5.7bn) in China’s biggest public offering in a decade.

 

The shares opened 9.4% higher before easing back in morning trade.

 

China Mobile’s smaller rivals, China Telecom and China Unicom, have already made the move to their home country.

 

The three firms were delisted from the New York Stock Exchange after a Trump-era decision to restrict investment in Chinese technology companies.

 

China Mobile’s Hong Kong-listed shares also rose in early trade after the company said it would press ahead with a plan to buy back up to 2.05 billion shares, worth nearly $13bn.

 

Nina Xiang, the author of -China War, told the BBC that the Chinese government would have made sure that China Mobile’s Shanghai debut went well.

 

 

She said: “It’s important for Beijing to ensure this listing appears successful and smooth to prove that China has the wherewithal to accommodate its own companies on its own stock exchanges.

 

“But it won’t be great for Chinese companies to lose the access to the US capital markets as it will be another step in the downward spiral of deteriorating bilateral relations,” she added

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