BEIJING, China: The world’s largest mobile network operator, China Mobile, seeks to raise $8.8 billion when its shares become listed on the Shanghai Stock Exchange.
China Mobile was recently de-listed from the New York Stock Exchange, joining a growing number of U.S.-listed Chinese companies exiting Wall Street, including its smaller rivals China Telecom and China Unicom.
The three firms were de-listed from the New York Stock Exchange due to a Trump-era policy to restrict investment in Chinese technology companies, which has remained unchanged under the Biden administration, as tensions between Washington and Beijing continue to be strained.
Chinese artificial intelligence start-up SenseTime Group relaunched its $767 million Hong Kong share sale following the original listing being pulled after Americans were banned from investing in the firm.
Washington accused SenseTime of developing facial recognition software to determine people’s ethnicity, aimed at identifying ethnic Uyghurs, an accusation the company has repeatedly denied.
In a statement, SenseTime said, “Our group’s products and services are intended for civilian and commercial uses, and not for any military application.”
SenseTime’s shares are due to start trading on the Hong Kong Stock Exchange on 30th December.
Didi Global, China’s largest ride-hailing company, also said it planned to take its shares off the New York Stock Exchange and move its listing to Hong Kong, after the U.S. market watchdog announced tough new rules for Chinese firms listed in the U.S.
On its Weibo account, the company said, “Following careful research, the company will immediately start de-listing on the New York stock exchange and start preparations for listing in Hong Kong.”