•   
  •   

World China Mobile makes Shanghai debut after US exit

07:12  05 january  2022
07:12  05 january  2022 Source:   bbc.com

Trudeau says western countries need to stand together against China

  Trudeau says western countries need to stand together against China Trudeau says western countries need to stand together against China , arguing that country's communist leadership has often been "playing" Western countries against each other. © REUTERS/Blair Gable FILE - Canada's Prime Minister Justin Trudeau takes part in a news conference in Ottawa, Ontario, Canada December 13, 2021. "We need to do a better job of working together and standing strong so China can't play the angles and divide us one against the other," Trudeau said in an interview with Global television.

China Mobile shares have risen as they started trading in Shanghai after raising $7.7bn (£5.7bn) in China's biggest public offering in a decade.

  China Mobile makes Shanghai debut after US exit © Getty Images

The shares opened 9.4% higher before easing back in morning trade.

China Mobile's smaller rivals, China Telecom and China Unicom, have already made the move to their home country.

The three firms were delisted from the New York Stock Exchange after a Trump-era decision to restrict investment in Chinese technology companies.

China Mobile's Hong Kong-listed shares also rose in early trade after the company said it would press ahead with a plan to buy back up to 2.05 billion shares, worth nearly $13bn.

In China, an artificial intelligence becomes prosecutor

 In China, an artificial intelligence becomes prosecutor an attack capable of identifying crimes and proposing the corresponding sentence was tested in Shanghai. © Wang Gang / Costfoto / SIPA Chinese researchers have developed the first prosecutor using artificial intelligence. Tested in a district of Shanghai , this IA is able to identify 8 types of common offenses including fraud, dangerous driving, aggression and obstruction of the action of the police reports "South China Morning Post .

Nina Xiang, the author of US-China Tech War, told the BBC that the Chinese government would have made sure that China Mobile's Shanghai debut went well.

She said: "It's important for Beijing to ensure this listing appears successful and smooth to prove that China has the wherewithal to accommodate its own companies on its own stock exchanges.

"But it won't be great for Chinese companies to lose the access to the US capital markets as it will be another step in the downward spiral of deteriorating bilateral relations," she added.


Video: SenseTime relaunches $767m Hong Kong IPO (Reuters)

  • China ride-hailing giant Didi sees losses deepen
  • China AI firm SenseTime relaunches $767m listing

The policy introduced by the Trump administration to clamp down on investments in Chinese technology firms has remained in place under President Joe Biden as tensions continue between Washington and Beijing.

China reopens embassy in Nicaragua after diplomatic switch

  China reopens embassy in Nicaragua after diplomatic switch Nicaraguan Foreign Minister Denis Moncada welcomes Chinese officials including Beijing’s designated diplomat to Managua.That change was a political win for China, which claims Taiwan as part of its territory and has stepped up pressure to isolate the self-ruled island on the international stage.

Ms Xiang also highlighted that more US-listed Chinese firms may take similar steps to safeguard their share listings: "There are dozens of Chinese companies listed on US exchanges that might seek a listing in Hong Kong this year to secure their shares remain publicly traded, in case the two countries couldn't reach a solution for Chinese firms to remain listed in the US."

The company has said it plans to use the cash raised from the offering to develop projects including premium 5G networks, infrastructure for cloud resources and artificial intelligence software.

China Mobile is the world's largest mobile network operator by total subscribers.

Last month, Chinese ride-hailing giant Didi Global has announced plans to take its shares off the New York Stock Exchange and move its listing to Hong Kong.

The firm had come under intense pressure since it raised $4.4bn in its US debut at the end of June.

Also, within days of the New York initial public offering Beijing announced a crackdown on technology companies listing overseas.

Didi shares have lost almost 65% of their value since their US market debut.

You may also be interested in:

China exports surge in 2021 as global demand picks up .
Chinese exports surged in 2021 on solid global demand as countries reopened from pandemic lockdowns, data showed Friday, bumping its overall trade surplus to a new high and providing a much-needed boost to the stuttering economy, but officials warned of headwinds. The world's second-biggest economy saw a quick rebound from the coronavirus in the past two years -- after cases first surfaced in a central city in late 2019 -- allowing factories to operate and feed global appetite for electronics and medical supplies. That led to a 29.

usr: 0
This is interesting!