(Bloomberg) -- Half a year after being booted off the New York Stock Exchange, China Telecom Corp. has received regulatory approval for a primary share sale in Shanghai that is set to be the world’s biggest so far in 2021.The plan to raise 54.4 billion yuan ($8.4 billion) on the mainland comes as rising tensions with the U.S. drive Chinese companies back to their local equity markets. China Mobile Ltd., which the NYSE delisted at the same time, is also seeking to sell stock in Shanghai.It is alr
China Mobile Ltd (OTC: CHLKF) seeks to raise almost $6.1 billion from the sale of up to 964.8 million shares (based on Monday closing price) in Shanghai Stock Exchange following former Trump government-led eviction from the U.S. exchange, the Wall Street Journal reports. On May 6, China Mobile, China Telecom Corp Ltd (OTC: CHJHF), and China Unicom (Hong Kong) Ltd (OTC: CHUFF) lost appeals against the NYSE eviction. The companies will be subsequently delisted based on the Trump order. China Mobile plans to spend the proceeds on faster mobile networks, new cloud infrastructure, and superfast broadband. China Telecom is also chasing a Shanghai listing. China Unicom parent China United Network Communications Ltd is already listed on the Shanghai exchange. See more from BenzingaClick here for options trades from BenzingaGoogle Launches News Showcase News In IndiaKingsoft Cloud Reports Mixed Q1 Earnings© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
China Mobile plans to sell billions of dollars’ worth of shares in Shanghai, days after learning it would definitely be ejected from U.S. markets under a Trump-era investment blacklist.