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China Mobile Shares Rise In First Day of Trade in Shanghai

  • Company is set to raise 56 billion yuan with its China listing
  • It was among three Chinese telecom giants banned in the U.S.
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WATCH: China Mobile surged in its Shanghai debut. China’s largest wireless carrier was removed from the U.S. market last year. Filipe Pacheco reports.Source: Bloomberg
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China Mobile Ltd., the country’s largest wireless carrier by sales that was removed from the U.S. market last year, surged in its first day of trade in Shanghai.

The state-run company, one of the targets of an investment-ban order by former U.S. President Donald Trump, rose as much as 10% before paring the advance to close 0.5% higher. The shares were sold at 57.58 yuan each in an offering that is expected to raise 56 billion yuan ($8.8 billion) after the company exercises an over-allotment option.