On the evening of September 2nd, PetroChina announced that its controlling shareholder, China National Petroleum Corporation (CNPC), plans to transfer 541,202,377 A-shares of PetroChina (representing 0.3% of the company's total share capital) to China Mobile Communications Group Co., Ltd. (China Mobile Group) through a state-owned share transfer arrangement at zero consideration.

According to the announcement, prior to this transfer, CNPC directly held 82.46% of the company's shares. Following the transfer, its shareholding will decrease to 82.17%, while remaining as the controlling shareholder. China Mobile Group previously held 0.10% of the company's shares through its subsidiaries, and after the transfer, its combined shareholding will increase to 0.39%.

PetroChina stated that this change in shareholder equity results from the state-owned share transfer and does not involve a takeover offer, nor will it cause changes to the company's controlling shareholder or ultimate controller. The transfer will not have a material impact on the company's normal production and business operations.

The announcement indicated that both parties have signed a share transfer agreement. The transfer still requires approval from the State-owned Assets Supervision and Administration Commission of the State Council, and the transferred shares need to complete share transfer registration procedures.

The announcement explained the background of this transfer, which aims to further deepen the strategic cooperation between CNPC and China Mobile Group, expand cooperation areas, optimize the company's shareholding structure, and achieve complementary advantages, win-win cooperation, and mutual development.

Previously, in January 2024, CNPC and China Mobile Group signed a strategic cooperation agreement. Under the agreement, both parties will jointly advance national key projects and conduct innovative, mutually beneficial, and in-depth cooperation across multiple sectors.