HONG KONG (BLOOMBERG) - China Mobile, the country's largest wireless carrier by sales that was removed from the United States market last year, surged in its first day of trade in Shanghai.

The state-run company, one of the targets of an investment-ban order by former US president Donald Trump, rose as much as 9.4 per cent to 63 yuan at open. The shares were sold at 57.58 yuan each, in an offering that is expected to raise 56 billion yuan (S$11.9 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 telecoms giant debuts in its home country after the New York Stock Exchange suspended trading in the stock about one year ago, along with other two major Chinese state-owned operators, China Telecom Corp and China Unicom Hong Kong.

China Mobile, the world's largest carrier by subscribers, has been facing a bulging budget in the country's push to lead the world in 5G and future generations of telecommunication 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 funds 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. The company has also estimated that profit for 2021 could grow up to 8 per cent from a year earlier to 116 billion yuan.

China International Capital Corp and Citic Securities are sponsors of the offer. While the listing attracted 19 strategic investors, mostly state-owned entities, underwriters will need to pay a combined 756 million yuan to take up 13.1 million shares, as some retail and institutional investors failed to make payments after subscription.