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China Mobile Ltd shares debuted on the Shanghai Stock Exchange on Wednesday, soaring to 63 yuan, 9.4% higher than the offer price of 57.58 yuan in early trading, before closing at about 0.52% higher at 57.88 yuan.

The carrier’s Shanghai shares traded more than 40% higher compared to its Hong Kong-listed shares, which closed 3.33% higher on the same day, boosted by an earlier announcement to buy back up to 2.05 billion shares worth about US$13 billion.

Raising US$7.64 billion, China Mobile’s public share offering is also China’s largest in a decade.

China Mobile’s homecoming listing is closely watched. In May 2020, China Mobile exited the New York Stock Exchange when it was added to a growing list of Chinese companies blacklisted by the US. China Telecom and China Unicom were also ousted from the US exchange.

China Mobile said that proceeds from the offering will be used to expand 5G capabilities, cloud infrastructure, and intelligent ecosystems.

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