China Mobile sold $8 bln of equity in Shanghai while initiating a $13 bln stock buyback in Hong Kong. Deploying its bloated cash pile is overdue, but such contortions also support the idea of listing shares without raising capital, says JennHughes13
State-owned China Mobile said on Jan. 4 that it plans to buy back more than 2 billion of its Hong Kong shares just as $7.7 billion of new equity begins trading in Shanghai. At the Jan. 4 closing price, the buyback would cost the telecommunications giant $12.6 billion.
China Mobile sold its Shanghai shares at 57.58 yuan apiece, a 52% premium to the price in Hong Kong. The offering was the mainland’s biggest in a decade. The listing and buybacks come a year after the New York Stock Exchange began delisting it following an executive order from President Trump barring U.S. citizens from owning stakes in companies deemed to be owned or controlled by the Chinese military.A man uses his mobile phone to take pictures outside a China Mobile shop in Xiangfan. UK mobile operator Vodafone last week sold of its entire stake in China Mobile.
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