China Mobile boosts stake in Pudong Development Bank

China Mobile Communications Group Guangdong Co. Ltd. (China Mobile) has increased its stake in Shanghai Pudong Development Bank (SPD Bank) through the conversion of convertible bonds, triggering a 1% threshold notification. The transaction occurred on October 24, 2025, with China Mobile converting 14,838,280 convertible bonds into 118,611,350 ordinary shares of SPD Bank.

Prior to this conversion, China Mobile's shareholding in SPD Bank stood at 17.88%. Following the conversion, its total stake rose to 18.18%. This adjustment means China Mobile now holds 605,346,619,500 shares of SPD Bank, up from 593,485,484,500 shares. The share capital of SPD Bank as of October 24, 2025, is 33,305,769,783 shares.

The increase in shareholding is a direct acquisition and does not trigger a mandatory tender offer, nor does it alter SPD Bank's largest shareholder status. The conversion price used for calculation was ¥12.51 per share, based on the current conversion price of the "Pudong Development Convertible Bonds." The actual number of shares is subject to data provided by China Securities Depository and Clearing Corporation Limited.