On 24 October 2025, China Mobile Limited’s wholly owned subsidiary Guangdong Mobile exercised conversion rights to convert RMB1,483,828,000 worth of SPD Bank A-Shares Convertible Bonds. This transaction resulted in the acquisition of approximately 118,611,350 shares at a conversion price of RMB12.51 per share, raising the Group’s holding in SPD Bank from about 17.88% to around 18.18% of the bank’s enlarged issued share capital.

Guangdong Mobile had previously converted RMB7,505,525,000 worth of the same bonds into a total of 599,962,021 SPD Bank A-Shares within the last 12 months. In aggregate, these conversions surpass 5% but remain below 25% under the Hong Kong Listing Rules, classifying the transactions as discloseable and subject to notification and announcement requirements.

According to information disclosed under International Financial Reporting Standards, SPD Bank recorded a profit before taxation of RMB40,692 million for the year ended 31 December 2023, rising to RMB48,366 million in 2024. For the six months ended 30 June 2025, SPD Bank’s profit before taxation stood at RMB33,138 million, with net assets of RMB801,252 million as of the same date.

Following the latest conversion, shares newly acquired by Guangdong Mobile are subject to a five-year transfer restriction under applicable regulations. The Board of China Mobile Limited considers the terms of the conversion fair and reasonable and is of the view that this move will help strengthen SPD Bank’s core capital base and allow the Group to benefit from SPD Bank’s operating results.