“Mysterious funds” have pushed the Shanghai-listed shares of China Mobile to surge by the daily 10% limit, in what could be a signal of the “sentimental bottom” of mainland China’s A-share market, the state-run newspaper China Securities Journal said on Wednesday citing analysts.
This marks the second day of China Mobile’s surge in Shanghai after the over-allotment option for its initial public offering (IPO) expired on Monday. The telecom operator’s shares rose 5.4% in Shanghai on Tuesday.
The newspaper did not explain the source of the “mysterious funds.”
Bloomberg reported on Tuesday afternoon that state-related funds had stepped into the market to buy local shares, helping stem the biggest intraday loss since August 2021.
But a source close to the Chinese government said the report was “untrue,” the local Cailian Express said on Tuesday evening.
China Mobile debuted in Shanghai on January 5 after it was identified by the former US Trump administration as being affiliated with China’s military and forced to delist from New York last year. It also has a listing in Hong Kong.
- By Iris Hong
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