05 Jan 2022

CROSBY Research - China Mobile (941HK/BUY): Handing out “hongbao / lai-see” in the beginning of the Year of the Tiger

CM will initiate buyback of up to 2.05bn HK shares – Following the successful A-share listing today and after the expiration of the exercise period of the over-allotment option on 7 Feb 2022, the company plans to exercise its powers under the buy-back mandate to buy back up to 2.05bn HK shares. The company cannot do buy-back earlier as the HK listing rules do not allow companies to issue new shares within 30 days after buy-backs, which would affect the timetable of the A-share IPO.