On Tuesday, China Mobile overtook HSBC Holdings to Hong Kong's largest company by market capitalisation, mainly on speculation that the company will launch a mainland share floatation in the near future. China Mobile's shares closed at a new high of HK$84.80, bringing its market capitalisation to HK$1.7 trillion (US$218 billion), while HSBC fell to HK$144.10, lowering its market capitalisation to HK$1.69 trillion (US$216 billion).
Wong Chi-man, a telecommunications analyst at Everbright Securities, said market sentiment was heating up over the imminent return of red chips to the mainland. "I will not be surprised if China Mobile rises to more than HK$100, becoming the first mainland company to surpass that benchmark," Mr Wong told ChinaDaily.
In February and March 2000, China Mobile briefly overtook HSBC in market capitalisation."
Posted to the site on 27th June 2007
Posted to: www.cellular-news.com/story/24621.php