China Mobile Hopes To Garner $8.8bn From Its Shanghai Stock Listing

When China Mobile, the largest telecommunications network provider, offers its shares in Shanghai, it hopes to raise as much as $8.8 billion.

Due to constraints enforced under Donald Trump’s presidency, the firm was delisted from the New York Stock Exchange.

It joins an increasing number of Chinese companies that have been listed on the New York Stock Exchange.

China Mobile’s smaller competitors, China Telecom and China Unicom, have already relocated to China.

Following a Trump-era move to prohibit investments in Chinese technology firms, the three companies were removed from the New York Stock Exchange.

Under President Joe Biden’s administration, the strategy remained maintained, despite the fact that relations between Washington and Beijing remain high.

SenseTime Group, a Chinese artificial intelligence start-up, reopened its $767 million Hong Kong share offering on Monday.

The news came a week after the company’s stock was taken off the market after Americans were barred from investing.

SenseTime had been charged by Washington of creating facial recognition software to ascertain people’s ethnicity, with a concentration on ethnic Uyghurs.

All US allegations have been denied by the Chinese company.

“Our group’s products and services are intended for civilian and commercial uses and not for any military application,” it said in a statement on Monday.

On December 30, SenseTime’s shares will start trading on the Hong Kong Stock Exchange.

Didi Global, a Chinese ride-hailing company, said earlier this month that it would delist from the New York Stock Exchange and list in Hong Kong.

The statement comes after the US Securities and Exchange Commission published stringent new restrictions for Chinese companies seeking to list in the United States.

“Following careful research, the company will immediately start delisting on the New York stock exchange and start preparations for listing in Hong Kong,” the company said on its account on Weibo, China’s Twitter-like microblogging network.

(Adapted from BBC.com)

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