(Yicai Global) Dec. 24 -- China Mobile, the world’s biggest telecoms carrier, has raised CNY24.3 billion (USD3.8 billion) from 19 strategic investors in its upcoming Shanghai share offering thanks to strong backing from Chinese state-owned entities. Its Hong Kong-listed stock rose.

China Mobile issued 422 million shares to strategic investors, including China’s Social Security Fund, accounting for almost half of the stock in the secondary listing before the over-allotment option is used, the Beijing-based company said in a exchange filing late yesterday.

China Mobile said on Dec. 21 that it will raise CNY48.7 billion by selling 845.7 million shares priced at CNY57.58 (USD9.04) each. If the so-called green shoe option is triggered, the state-owned company would raise CNY56 billion, surpassing the CNY54 billion that smaller rival China Telecom bagged in August. That would also make it the year’s second-biggest share offering globally, according to Bloomberg News.

Shares of China Mobile [HKG: 0941] closed 1.9 percent higher in Hong Kong today at HKD47.50 (USD6.09). The stock has gained 7.4 percent this year.

State-level investment platforms National Social Security Fund, China Structural Reform Fund, China Reform Holdings Corporation, National Integrated Circuit Industry Investment Fund, China-Africa Development Fund, and China Culture Industrial Investment Fund secured a combined 141 million shares, accounting for 33.3 percent of the strategic placement.

Big state-backed firms State Grid Corporation of China, China Energy Investment, China Electronics Technology Group, FAW Group, State Development and Investment Corporation, and China Energy Engineering Corporation received 137 million shares, equal to 32.5 percent of those sold to strategic investors.

Major insurers China Life Insurance Group, People’s Insurance Company Group of China, Taiping Life Insurance, and China Post Life Insurance, subscribed for a total of 113 million shares, or 26.8 percent.

Chinese e-commerce giant JD.Com, Thai conglomerate CP Group, and sovereign wealth fund Brunei Investment Agency secured a combined 10.4 million of the stock.

All three of China’s state-owned telecoms firms -- China Mobile, China Telecom, and China Unicom -- have delisted from the New York Stock Exchange due to a US investment ban. China Mobile exited in January and is the last of the three to list in the mainland.

Editor: Futura Costaglione, Xiao Yi