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China Mobile Boosts Share Sale to World’s Second-Biggest in 2021

  • Company set to raise $8.78 billion from its Shanghai listing
  • Stock sale lures 19 strategic investors, mostly state entities
A  China Mobile Ltd. store in Shanghai.

A  China Mobile Ltd. store in Shanghai.

Photographer: Qilai Shen/Bloomberg
Updated on

China Mobile Ltd., the country’s largest wireless carrier by revenue, is set to raise $8.78 billion from its Shanghai listing, making it the world’s second largest offering this year -- thanks in part to state support.

The state-run company, which was removed from the New York Stock Exchange earlier this year due to an investment ban ordered by former U.S. President Donald Trump, will exercise its over-allotment option for the offer due to strong demand from domestic retail and state investors, according a Shanghai bourse filing.