Equity valued at nearly 4.9 billion yuan transferred at "zero consideration" - this capital operation between China National Petroleum Corporation and China Mobile Group is far from a simple left-hand-to-right-hand transaction.
This represents a clear signal that China is accelerating the deep integration of "energy" and "computing power" - two major national strategic pillars - in an unprecedented manner. This is not merely about optimizing shareholding structures, but rather using capital as an anchor to firmly lock together the physical world of traditional industry with the virtual world of the digital economy.
**Transfer Details:** - Transfer target: 541 million PetroChina A-shares (representing 0.30% of total share capital) - Transfer value: Approximately 4.9 billion yuan based on closing price on September 2, 2025 - Transfer consideration: 0 yuan - **Key cooperation milestones:** - January 2024: Strategic cooperation agreement signed - May 2024 to May 2025: Multiple collaborative developments and releases around the "Kunlun" large language model - Approval authority: Requires approval from the State-owned Assets Supervision and Administration Commission of the State Council
This equity transfer is not an isolated financial maneuver, but rather an inevitable result of the evolution of both parties' cooperation blueprint. Reviewing the cooperation trajectory over the past year, a clear "AI + Energy" theme runs throughout. From signing the strategic cooperation agreement in early 2024 to jointly building and releasing the "Kunlun" industry large language model with parameters soaring from 70 billion to 300 billion, China Mobile has already been deeply embedded in PetroChina's digital transformation core.
The role it plays has transformed from an external supplier providing network connectivity and cloud computing services to a core technology partner driving intelligent upgrades.
The brilliance of this "zero-consideration transfer" lies in its complete reshaping of the cooperation foundation between both parties. By making China Mobile a direct shareholder of PetroChina, their interests are tightly bound together. This capital-level "mutual integration" can effectively break down potential departmental barriers and short-term interest considerations that might exist between traditional state-owned enterprises, ensuring both parties can focus on long-cycle technology research and development and scenario implementation.
When cooperation evolves from "project-based" to "symbiotic," China Mobile gains stronger motivation to unreservedly invest its most cutting-edge 5G, AI, and cloud computing capabilities into high-value, high-difficulty industrial scenarios such as energy exploration, intelligent pipeline networks, and predictive maintenance.
It can be said that PetroChina provides globally scarce, large-scale, and highly complex top-tier industrial application scenarios, while China Mobile outputs its meticulously crafted integrated "cloud-network-intelligence" digital infrastructure. The core of this transaction is using the most authentic industrial demands to drive the development of the most advanced digital technologies, while using the most solid capital bonds to ensure this deep integration can proceed steadily and explore the optimal solution for "new quality productive forces" in the energy sector.
This "marriage" between PetroChina and China Mobile is likely just the beginning. It provides a referenceable template for deep cross-sector integration among other "national heavyweight" state-owned enterprises. When energy, transportation, manufacturing, and other physical industry giants increasingly bind themselves through equity with digital giants mastering 5G/6G, cloud computing, and artificial intelligence technologies, a completely new industrial landscape centered on "data elements" and highly integrated between physical and digital economies will emerge.