Benzinga | May 18, 2021 04:09PM EDT

China Mobile Seeks Shanghai Listing Following NYSE Eviction: WSJ

* China Mobile Ltd (OTC: CHLKF) seeks to raise almost $6.1 billion from the sale of up to 964.8 million shares (based on Monday closing price) in Shanghai Stock Exchange following former Trump government-led eviction from the U.S. exchange, the Wall Street Journal reports.

* On May 6, China Mobile, China Telecom Corp Ltd (OTC: CHJHF), and China Unicom (Hong Kong) Ltd (OTC: CHUFF) lost appeals against the NYSE eviction. The companies will be subsequently delisted based on the Trump order.

* China Mobile plans to spend the proceeds on faster mobile networks, new cloud infrastructure, and superfast broadband.

* China Telecom is also chasing a Shanghai listing.

* China Unicom parent China United Network Communications Ltd is already listed on the Shanghai exchange.