Deepening strategic cooperation and achieving complementary advantages.

China Mobile announced in an evening disclosure that its controlling shareholder, China Mobile Communications Group (referred to as "China Mobile Group"), plans to transfer 41.98 million A-shares (0.19% of the company's total shares) to China National Petroleum Corporation (referred to as "PetroChina Group") through a state-owned share transfer arrangement.

Upon completion of the transfer, China Mobile Group's stake in China Mobile will decrease from 69.05% to 68.85%. The company stated that this transfer will not significantly impact its normal business operations or alter its controlling shareholder or actual controller.

State-owned equity transfers involve the non-compensatory movement of state-owned shares between government agencies, state-owned enterprises, or other legally designated entities.

Regarding the purpose of this transfer, China Mobile explained that it aims to strengthen strategic collaboration between China Mobile Group and PetroChina Group, fostering joint development in areas such as information technology and smart energy while unlocking new potential in digital-real integration.

In fact, groundwork for this cross-sector equity swap between the two industry giants was laid earlier. On September 2, PetroChina disclosed that its controlling shareholder, PetroChina Group, intended to transfer approximately 541 million A-shares (0.30% of total shares) to China Mobile Group under the same state-owned share transfer mechanism.

PetroChina noted in its announcement that the transfer was designed to deepen strategic cooperation, expand collaborative fields, optimize shareholding structures, and achieve mutual benefits.

Public reports indicate that as early as January 2024, PetroChina and China Mobile signed a strategic cooperation agreement to integrate next-generation information technology with the energy sector, collaborating on digital transformation, 5G innovation, computing power, and artificial intelligence.

By November 2024, the two companies jointly launched Kunlun, the energy and chemical sector's first industry-specific large-scale AI model with 70 billion parameters. In February 2025, China Mobile announced its successful support for PetroChina's full-stack domestic adaptation and private deployment of DeepSeek V3/R1. By May, the Kunlun model was upgraded to 300 billion parameters.

Both parties emphasized their intent to "deepen strategic cooperation and achieve complementary advantages." With their equity ties now strengthened, the collaboration is expected to yield further synergies.

For China Mobile, a telecom operator that has seen growing success in the enterprise market, PetroChina's vast offline infrastructure—including oilfields, pipelines, and refining bases—presents ideal scenarios for deploying its "network + cloud + DICT" capabilities, given the massive demand for 5G, IoT, and computing power.

For PetroChina, China Mobile's support is crucial in advancing the "Digital and Intelligent PetroChina" initiative, leveraging AI to modernize the national energy and chemical industry. The partnership will focus on PetroChina's core businesses—oil and gas, new energy, refining, materials, engineering services, and capital finance—using AI to reshape value across the entire industrial chain, from geological exploration to market sales.