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BIZCHINA / Center
China Mobile prepares for mainland listing
(Xinhua)
Updated: 2007-09-08 11:40
China Mobile, the country's largest mobile phone provider, is now
actively preparing for listing on the mainland stock market, Friday's
Shanghai Securities News reports.
However, there is still no timetable for its listing on the
yuan-denominated A-share market, said Wang Jianzhou, board chairman of
China Mobile.
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Special Coverage:
Red Chips Return
In June, China's securities regulator was reported to have drawn up rules
on how Chinese firms registered and listed in Hong Kong, better known as
red chips, can sell shares on the nation's booming domestic stock markets.
Some media reports have suggested the scheme has been suspended but Wang
Jianzhou said the company had not received any official notification to
ask it to halt the A-share listing plan.
He didn't reveal how many shares China Mobile is set to issue or the
possible share price.
Earlier reports said China Mobile had chosen Goldman Sachs Gaohua as the
underwriter for the listing, from which the company plans to raise no
more than 80 billion yuan (US$10.5 billion).
Insiders say that domestic institutional and individual investors will
have more investment opportunities if China Mobile chooses the form
of?initial public offering (IPO)?for the A-share listing instead of the
CDR form.
Earlier reports predicted that the IPO price for China Mobile will be no
lower than its share price on the Hong Kong market, which was HK$75.8?on
June 15. Counting with the estimation of China Mobile's?price to
earnings?ratio on the A-share market, the price will exceed 100 yuan.
China Mobile's turnover in the first half of this year reached 166.6
billion yuan, a year-on-year rise of 21.6 percent.
The new rules approving Hong Kong-listed Chinese firms to sell shares
domestically could pave the way for the return of up to 21 companies,
including China Construction Bank (CCB) and petroleum giant China
National Offshore Oil Corporation.
China Securities Regulatory Commission announced earlier that it would
discuss on Friday CCB's application of offering no more than nine billion
shares on China's A-share market but, as yet, has not released the
results.
(For more biz stories, please visit Industry Updates)
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