On 24 October 2025, Guangdong Mobile, a wholly-owned subsidiary of China Mobile Limited (the “Company”), exercised conversion rights to convert RMB1,483,828,000 (approximately HK$1,626,095,056) in principal amount of SPD Bank A-Shares Convertible Bonds. The conversion was priced at RMB12.51 (approximately HK$13.71) per share and is expected to result in the acquisition of approximately 118,611,350 SPD Bank A-Shares, subject to clearing and settlement adjustments.

Immediately before this conversion, the Group held 5,934,854,845 SPD Bank A-Shares (around 17.88% of SPD Bank’s issued share capital). After converting the bonds, the Group’s holding rose to 6,053,466,195 SPD Bank A-Shares (around 18.18% of SPD Bank’s enlarged share capital). Under applicable regulations, the newly converted shares cannot be transferred for five years from the date of conversion.

Under Chapter 14 of the Hong Kong Listing Rules, this further bond conversion, when aggregated with similar acquisitions within the previous 12 months, constitutes a discloseable transaction. The Group’s rationale centers on acquiring SPD Bank shares at a price comparable to the market while supporting SPD Bank’s capital replenishment objectives.

SPD Bank (600000.SH) reported under IFRS that it recorded profit before taxation of RMB40,692 million in 2023, rising to RMB48,366 million in 2024. Net profit grew from RMB37,429 million to RMB45,835 million, and net assets increased from RMB732,884 million to RMB744,781 million across the same years. For the six months ended 30 June 2025, SPD Bank’s profit before taxation reached RMB33,138 million, with net profit of RMB29,894 million and net assets of RMB801,252 million.