China Mobile to raise $7.64 billion in Shanghai IPO

• The company plans to offer 845.70 million shares for 57.58 yuan ($9.03) per share

• The profits will be used in premium 5G networks, cloud infrastructure, and intelligent ecosystems

China Mobile Ltd. plans to raise 56 billion yuan ($7.64 billion) through a Shanghai offering, making it one of the biggest public offerings this year.

China Mobile's stock offering comes after it, as well as domestic competitors China Telecom Corp. and China Unicom (Hong Kong) Ltd., lost their appeals to be delisted from the New York Stock Exchange.