China Mobile announced its entry into the share subscription agreement with Shanghai Pudong Development Bank, through its wholly-owned subsidiary-China Mobile Group Guangdong Company Limited.

China Mobile is considered to be the world’s largest mobile operator in terms of number of subscribers. The company grabbed 2,207,511,410 A shares to be issued by SPD Bank by way of private placement, representing 20% of the issued shares of SPD Bank as enlarged by the subscription.

The selling price of each share was 18.3 RMB (about HK$ 20.50) which brought the total consideration for the subscription to 39.8 billion RMB (approximately HK$45.3 billion).

As a part of the deal, China Mobile has also entered into a strategic cooperation memorandum of understanding with SPD Bank (which will lead into a strategic cooperation agreement) to jointly work on development of mobile e-commerce services.