(Bloomberg) — China Mobile Ltd., the country’s largest wireless carrier by revenue, has received approval from regulators to list in Shanghai after being removed from the New York Stock Exchange due to an investment ban ordered by former U.S. President Donald Trump.
The state-run enterprise got the nod earlier this month from the China Securities Regulatory Commission to issue A-shares, according to a filing late Monday with Hong Kong’s stock exchange.
The company plans to issue about 845.7 million shares, it said in a prospectus on the Shanghai bourse’s website. Based on the closing price of its Hong Kong-listed stock Monday, the offer would raise the equivalent of around $5 billion.
The NYSE suspended trading in China Mobile in January, along with the Asian nation’s other major state-owned operators, China Telecom Corp. and China Unicom Hong Kong Ltd. That development followed an order barring U.S. investments in Chinese companies that the Trump administration deemed a threat to national security.
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China Telecom listed in Shanghai in August after raising more than $7 billion. China United Network Communications Ltd. was already trading on the bourse.
Proceeds from the listing in the Chinese financial hub will be used to fund 5G infrastructure, smart-home projects and tech development, China Mobile said in its prospectus.
China International Capital Corp. and Citic Securities Co. are sponsors of China Mobile’s A-share IPO. The main underwriters include Huatai United Securities Co., BOC International (China) Co. and China Merchants Securities Co.
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