China Mobile Again Considers Chinese Stock Market Listing

The Hong Kong listed arm of China Mobile is again reported to be considering a listing at one of the mainland's stock exchanges. The company would prefer to make the listing using China Depositary Receipts (CDRs), Chairman Wang Jianzhou told the Reuters news agency.

"We intend to issue CDRs and this is the right time," Wang told reporters on the sidelines of the company's annual general meeting in Hong Kong.

"China Mobile has been listed in Hong Kong and New York for nearly 12 years and the management is eager to seek a listing on the mainland as soon as applicable so that domestic investors will have a chance to invest in the company," he added.

There have been on/off rumours that the company would seek a listing, probably in Shanghai as part of the government's plan to boost its domestic stock markets. Reports early last year suggested that China Mobile had already chosen Goldman Sachs Group's local arm, as the underwriter for the offering, which could raise upwards of US$10 billion for the company.

Chinese state owned, China Mobile Communications Corporation (CMCC) is the ultimate controlling shareholder of the Hong Kong listed China Mobile, holding indirectly approximately 74.25% of the total issued and outstanding share capital of the Company.

On the web: Reuters

Posted to the site on 19th May 2009