On October 24, Shanghai Pudong Development Bank Co., Ltd. announced a significant change in shareholder equity regarding major shareholders holding over 5% of its shares. The announcement indicated that the bank was informed by China Mobile Communications Group Guangdong Co., Ltd. (hereinafter referred to as China Mobile) that it had increased its shares in the bank through the conversion of convertible bonds into common stock.

Shanghai Pudong Development Bank noted that its convertible bonds, "SPDB Convertible Bonds," entered the conversion period on May 4, 2020. As of October 17, 2025, the total share capital of the bank stood at 32,693,020,951 shares, with China Mobile holding 5,934,854,845 shares, amounting to an ownership proportion of 18.15%. Following continuous conversions by the holders of the convertible bonds, the total share capital increased to 33,187,026,772 shares by October 23, 2025, leading to a passive dilution of China Mobile's ownership to 17.88%. On October 24, 2025, China Mobile converted its 14,838,280 convertible bonds into 118,611,350 additional common shares, thereby increasing its stake from 17.88% to 18.18%, hitting the 1% threshold.