CHINA Mobile Ltd., the country’s largest wireless carrier by sales, surged yesterday in its first day of trade in Shanghai.

The company, one of the targets of an investment ban order by former U.S. President Donald Trump, rose as much as 9.4 percent before paring the advance to close the day up 0.52 percent.

The shares were sold at 57.58 yuan each in an offering that is expected to raise 56 billion yuan (US$8.8 billion) after the company exercises an over-allotment option.

Considering the final amount, the listing is the largest in China in more than a decade. The telecom giant’s Shanghai listing comes after the New York Stock Exchange suspended trading in the stock about a year ago, along with other two major Chinese telecom operators — China Telecom Corp. and China Unicom Hong Kong Ltd.

The world’s largest carrier by subscribers, China Mobile has been facing a bulging budget in the country’s push to lead the world in 5G and future generations of telecom technologies. Last year alone, the company pledged 110 billion yuan for 5G network construction.

The superfast networks may take years to pay back as consumers are slow to adopt the new technology due to a lack of attractive applications. The Shanghai listing will help China Mobile raise fund for expanding 5G infrastructure and developing uses to make it more profitable.

Proceeds from the listing will be used to fund projects that will cost the company 157 billion yuan in total, China Mobile said in its prospectus.

China Mobile said Tuesday it would press ahead with a plan to buy back up to US$12.6 billion worth of its Hong Kong-listed shares, up to 2.05 billion shares, using existing cash and working capital on the market after Feb. 7. (SD-Agencies)