2. Why did China Mobile price the bond issue in U.S. dollars instead of Hong Kong dollars? China Mobile (Hong Kong) Ltd. is a Hong Kong–based provider of wireless telephone service and one of the largest providers of mobile telephone service in the world. In 1996 the company was spun out of China Mobile Communications Corporation, a state-owned provider of mobile telephone service in Mainland China, which retained a 75 percent ownership stake in China Mobile (Hong Kong) Ltd. The spin-out was part of the Chinese government's strategy for privatizing its telecommunications network. China Mobile was given the right to expand into Mainland China. By September 2000 the company was the largest provider of mobile communications in China with 23.9 million subscribers and a market leadership position in six provinces.