14 Dec 2021

CROSBY Research - China Mobile (941 HK/BUY): Final approval of A share issue – No material deviation from our assumptions

CM announced the final approval of A share issue – The company announced the final approval of A share issue by the CSRC and the relevant announcements have been posted on SSE and HKEx today. The company will issue 845.7-972.6m A shares, depending on whether the overallotment option will be exercised. The dilution would be 4.0-4.5%. We have assumed the issue of 965m shares in our model, which is based on the preliminary issue size announced by the company earlier and within the final range announced today.