China Mobile Limited disclosed that on October 17, 2025, its wholly owned subsidiary, Guangdong Mobile, converted RMB1,874,071,000 (approximately HK$2,053,753,931) worth of Shanghai Pudong Development Bank (“SPD Bank”) A-Shares Convertible Bonds into about 149,805,835 SPD Bank A-Shares at a conversion price of RMB12.51 per share. This move resulted in the Group’s shareholding increasing from roughly 17.80% to approximately 18.15% of SPD Bank’s expanded capital.

The announcement indicates that SPD Bank, listed on the Shanghai Stock Exchange (stock code 600000), provides corporate financial services, retail financial services, and other banking-related operations. Guangdong Mobile is required to hold the newly converted SPD Bank A-Shares for five years, adhering to applicable commercial bank equity management measures. The transaction constitutes a discloseable transaction under Chapter 14 of the Hong Kong Listing Rules, as the relevant percentage ratio exceeded 5% but remained below 25%.

Following this conversion, the total SPD Bank A-Shares held by the Group reaches approximately 5,934,854,847 shares. According to SPD Bank’s consolidated figures under International Financial Reporting Standards, as of June 30, 2025, the bank recorded RMB33,138 million (around HK$36,315 million) in profit before taxation and had net assets of RMB801,252 million (approximately HK$878,075 million).

China Mobile is a leading information and communications services provider across various regions in the Chinese mainland and in Hong Kong. The company aims to benefit from SPD Bank’s reinforced capital strength and expanded future growth potential through its increased shareholding in the bank.