China Mobile Limited (Stock Codes: 941 HKD Counter and 80941 RMB Counter) reported that on 27 October 2025, its wholly owned subsidiary, Guangdong Mobile, exercised conversion rights to convert SPD Bank A-Shares Convertible Bonds with an aggregate principal amount of RMB366,000 (approximately HK$401,091) into approximately 29,256 SPD Bank A-Shares at a conversion price of RMB12.51 (approximately HK$13.71) per share. Post-conversion, the Group’s holding in SPD Bank stands at approximately 6,053,495,450 SPD Bank A-Shares, representing around 18.18% of the enlarged issued share capital.

The conversion is categorized as a discloseable transaction under Chapter 14 of the Hong Kong Listing Rules, as the highest applicable percentage ratio has exceeded 5% but remains below 25%. Guangdong Mobile continues to hold SPD Bank A-Shares Convertible Bonds in the principal amount of RMB95,604,000 (approximately HK$104,770,359), but there is no plan to exercise further conversion rights.

According to the announcement, SPD Bank is listed on the Shanghai Stock Exchange. Its consolidated financial information, prepared under International Financial Reporting Standards, reflects: (1) a net profit of RMB37,429 million for the year ended 31 December 2023, with net assets of RMB732,884 million; (2) a net profit of RMB45,835 million for the year ended 31 December 2024, with net assets of RMB744,781 million; and (3) a net profit of RMB29,894 million in the six months ended 30 June 2025, with net assets at RMB801,252 million. The translation rate specified in the report is RMB0.91251 = HK$1.00, and there is no representation that conversions between these currencies could be available at this rate.

The transaction allows Guangdong Mobile to acquire SPD Bank A-Shares at a price deemed comparable to the market, enabling the expansion of SPD Bank’s core tier-one capital and capital strength. A lock-up of five years applies to the newly converted SPD Bank A-Shares. The announcement underscores that forward-looking statements are subject to risks and uncertainties, and they do not constitute commitments regarding future performance.