Jan 05, 2022 08:05 PM

BUSINESS

Update: China Mobile Shares Have Wild First Day in Shanghai

By Guo Yingzhe, He Shujing, Zhou Wenmin and Qin Min

Telecom giant China Mobile Ltd. (600941.SH) made a narrow gain Wednesday on its first day of trading on the Shanghai Stock Exchange, after it raised 48.1 billion yuan ($7.6 billion) in a homecoming IPO.

The country’s largest wireless carrier by revenue jumped 9.4% when the market opened, but gave back almost all of that gain over the course of the day to close up just 0.5% at 57.9 yuan.

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