HONG KONG - China Mobile (0941.HK) said on Wednesday that it is moving ahead on schedule with a plan to list in China, after media reported that an investigation into one of its top executives could lead to a delay.
China Mobile continues to move forward with its plan to return to China for a listing, the world's largest mobile carrier by subscribers said in a statement. At the moment, we are waiting for regulatory agencies to issue specific guidelines regarding such listings.
Hong Kong-listed China Mobile has said in the past that it would like to be among the first companies to be allowed to list on a new board being set up in Shanghai specifically for companies domiciled overseas. China's government is expected to come out with regulations governing the board in 2010
Despite its status as China's dominant mobile carrier, China Mobile is technically domiciled overseas and is known in Hong Kong, where its shares are traded, as a red-chip company.
Local media had reported that China Mobile's plan could be delayed after the company said over the weekend its vice-chairman, Zhang Chunjiang, was being investigated for an unspecified breach of rules.
(Our plans to list in Shanghai) won't be affected by the case involving Zhang Chunjiang, who is being investigated for a serious personal breach of rules, China Mobile said.
(Reporting by Doug Young and Joanne Chiu; Editing by Chris Lewis)