China Mobile Limited provides communication, computing, and AI services in Mainland China and Hong Kong. Its communications offerings include mobile communications, broadband networks, cellular IoT, and satellite Internet. Computing services cover data centers, cloud computing services, and cloud computing applications, while AI services include data algorithms, embodied intelligence, digital intelligence culture, digital intelligence e-commerce, and industry digital intelligence services. The company was formerly known as China Mobile (Hong Kong) Limited and changed its name to China Mobile Limited in May 2006. Incorporated in 1997, it is based in Central, Hong Kong, and operates as a subsidiary of China Mobile Hong Kong (BVI) Limited.
China Mobile H1 Profit Falls 6.3% on Weak Telecom Revenue
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H1 profit drops 6.3% as telecom service revenue slides China Mobile's first-half net profit fell 6.3% to 78.93 billion yuan, with operating revenue down 1.1% and telecom services revenue down 5.7%. This is the core earnings miss that pressures the stock, as the main business shrinks and profit declines.
This is the primary new fundamental event directly hitting 600941.CG's earnings and valuation.
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Computing and international revenue grow strongly Computing services revenue rose 14% to 52.9 billion yuan and international market revenue jumped 30.1% to 18.2 billion yuan. These new growth areas show China Mobile is diversifying beyond traditional telecom, offering a partial offset to the profit decline.
It highlights the bright spots that could support future earnings and investor sentiment.
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Operating cash flow jumps 37% and dividend maintained Net operating cash flow rose 37% to 114.85 billion yuan, and the company plans to distribute 25.1 yuan per 10 shares. Strong cash generation and a steady dividend provide a safety net for investors, even as reported profit falls.
Cash flow and dividend are key supports for the stock price amid earnings weakness.
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TRUE stake sale fear weighs on sentiment China Mobile may sell up to 1% of its 7.81% stake in Thailand's TRUE, sparking a 3.6% drop in TRUE shares. While the sale is small and for portfolio management, it signals potential capital reallocation and adds minor uncertainty for China Mobile investors.
It is a new capital action by China Mobile that could affect its investment income and market perception.
Q3 2026
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China Mobile H1 Profit Falls 6.3% on Weak Telecom Revenue
▼
H1 profit drops 6.3% as telecom service revenue slides China Mobile's first-half net profit fell 6.3% to 78.93 billion yuan, with operating revenue down 1.1% and telecom services revenue down 5.7%. This is the core earnings miss that pressures the stock, as the main business shrinks and profit declines.
This is the primary new fundamental event directly hitting 600941.CG's earnings and valuation.
▲
Computing and international revenue grow strongly Computing services revenue rose 14% to 52.9 billion yuan and international market revenue jumped 30.1% to 18.2 billion yuan. These new growth areas show China Mobile is diversifying beyond traditional telecom, offering a partial offset to the profit decline.
It highlights the bright spots that could support future earnings and investor sentiment.
▲
Operating cash flow jumps 37% and dividend maintained Net operating cash flow rose 37% to 114.85 billion yuan, and the company plans to distribute 25.1 yuan per 10 shares. Strong cash generation and a steady dividend provide a safety net for investors, even as reported profit falls.
Cash flow and dividend are key supports for the stock price amid earnings weakness.
▼
TRUE stake sale fear weighs on sentiment China Mobile may sell up to 1% of its 7.81% stake in Thailand's TRUE, sparking a 3.6% drop in TRUE shares. While the sale is small and for portfolio management, it signals potential capital reallocation and adds minor uncertainty for China Mobile investors.
It is a new capital action by China Mobile that could affect its investment income and market perception.
News & notes moving600941.CG
ChinaUnited StatesTaiwan
Artificial Intelligenceimpact 4
Chinese State Funds Backed Purchase of Restricted Nvidia AI Chips, Report Says
A Chinese state-backed financing entity funded the purchase of restricted Nvidia processors, according to a Bloomberg News report citing Chinese regulatory filings. The financing, provided by Semi-Tech Leasing Group Co., supported the purchase of more than 700 servers by AI infrastructure developer Glory View Technology Co., and filings with the People's Bank of China cited by Bloomberg show at least one transaction explicitly funded 32 Asustek Computer Inc. servers powered by Nvidia's high-performance B300 Blackwell chips. Nvidia told Bloomberg it is investigating the matter with its equipment manufacturing partners, while Asus reiterated its commitment to international export control regulations. Semi-Tech Leasing, originally established with backing from China's national semiconductor fund and now predominantly controlled by municipal government entities in Shenzhen and Beijing, has deployed more than 11 billion yuan, or $1.6 billion, into compute infrastructure. Under sale-and-leaseback arrangements initiated in mid-2025, Glory View secured over 3 billion yuan, or $450 million, to expand data center capacity, with most of the procured hardware slated for a major China Mobile Ltd. computing hub in Ningxia. After initial scrutiny, Semi-Tech Leasing resubmitted altered filings to Chinese credit registries that removed specific hardware descriptions, supplier details, and server model designations.
Artificial Intelligence › AI Server OEM & System Integration ▼Regulation
Artificial Intelligence › AI Compute Cloud & Neoclouds Regulation
NVDA · Tariff · Negative Report says restricted Nvidia B300 Blackwell chips reached China via state-backed financing, exposing Nvidia to export-control scrutiny it is investigating.
Semi-Tech Leasing Group Co. · Regulation · Negative Semi-Tech Leasing resubmitted altered filings removing hardware and supplier details after scrutiny of its financing of restricted Nvidia chip purchases.
301396.CS · Capital · Neutral Glory View secured over 3 billion yuan in sale-and-leaseback financing to expand data center capacity, but the report frames this around restricted-chip purchases.
2357.TW · Tariff · Negative At least one transaction funded 32 Asustek servers powered by restricted Nvidia B300 chips, and Asus had to reiterate its export-control compliance.
600941.CG · Demand · Neutral Most procured hardware is slated for a China Mobile computing hub in Ningxia, but the article gives no clear positive or negative for China Mobile itself.
Hang Seng Indexes Company launches eight new indices, including the Hang Seng Composite Tech Index
On September 23, Hang Seng Indexes Company launched eight new indices in one go. The eight indices include three under the Hang Seng Composite Tech Index series: the Hang Seng Composite Tech Index, plus the Hang Seng Composite Large-Cap Tech Index and the Hang Seng Composite Mid- and Small-Cap Tech Index, which are divided by market capitalisation. The other five are thematic indices: the Hang Seng Semiconductor Industry Index, the Hang Seng Hard Tech Index, the Hang Seng Computing Power Theme Index, the Hang Seng Stock Connect Computing Power Theme Index, and the Hang Seng A-Share Semiconductor Materials Theme Index. Among them, the Hang Seng Composite Tech Index aims to provide a gauge of the overall performance of technology companies in the Hong Kong securities market. Compared with the Hang Seng Tech Index launched in July 2020, its top ten constituents have removed JD.com Group and Baidu Group, and added China Mobile and BeiGene. The industry classification has also been made more granular, with the healthcare sector subdivided into pharmaceuticals, biotechnology, contract services for pharmaceuticals and biotech, medical equipment and supplies, and medical and aesthetic services. This launch had been well prepared for. On August 10, Hang Seng Indexes Company published a consultation paper on revisions to the methodology of the Hang Seng Tech Index, proposing to increase the number of constituents from 30 to 50, remove the industry classification requirement, and expand the technology sub-themes from 16 to 24. The consultation period ended on September 18, and the results are expected to be announced by the end of September.
600941.CG · · Neutral Named as a new top-ten constituent of the Hang Seng Composite Tech Index, an index-inclusion context with no company-specific development.
688235.CG · · Neutral Named as a new top-ten constituent of the Hang Seng Composite Tech Index, an index-inclusion context with no company-specific development.
A-share interim dividends top 100 billion yuan, highlighting allocation value of dividend strategies
As of 5 p.m. on August 17, a total of 124 A-share listed companies had announced cash dividend plans for the first half of 2026, with combined proposed cash payouts of 101.885 billion yuan including tax. China Mobile led with a proposed payout of 54.426 billion yuan, while CATL and Hikvision each proposed more than 5 billion yuan. The chemicals sector was the most active in paying dividends, followed by machinery and equipment and electronics. Huatai Securities noted that A-share dividend patterns are shifting from single cash payouts to a two-way return of cash dividends plus share buybacks, and that dividend strategies offer both a margin of safety and income certainty, making them a core allocation theme over the medium to long term. At the midday close on August 18, the CSI Dividend Index rose 0.20 percent, and the Bosera Dividend ETF gained 0.34 percent to trade at 1.46 yuan.
600941.CG · Capital · Positive China Mobile leads with proposed interim dividend of 54.426 billion yuan, highlighting its high dividend yield and allocation value.
002415.CS · Capital · Positive Hikvision proposed a dividend of over 5 billion yuan, reflecting strong cash returns and supporting dividend strategy appeal.
300750.CS · Capital · Positive CATL proposed a dividend of over 5 billion yuan, contributing to the dividend theme and enhancing its investment value.
Kasikorn Securities said second-quarter 2026 results for the ICT sector were strong, with ADVANC and TRUE posting combined core profit of about 20 billion baht, up 33.9% from a year earlier and 3.3% from the previous quarter, beating the research team's estimate by 3.4%. ADVANC reported core profit of about 13 billion baht, up 24.3% year-on-year and 2.1% quarter-on-quarter, beating the estimate by 3.9%. TRUE reported core profit of about 6.4 billion baht, up 60.1% year-on-year and 6% quarter-on-quarter, beating the estimate by 2.4%. Kasikorn Securities favours TRUE over ADVANC on three main factors: a clear focus on core business, management targets that reflect strong growth momentum in the second half of 2026, and a forecast that TRUE's core profit in 2027 will grow 14.9%, compared with 10.35% for ADVANC. It also recommends watching two factors for entry timing in TRUE: the case of China Mobile selling TRUE shares through a big lot transaction, and moments when TRUE's share price weakens below the 12.50 to 13.00 baht level.
Summary of Major Announcements by Shanghai and Shenzhen Listed Companies on the Evening of August 13
On the evening of August 13, multiple listed companies on the Shanghai and Shenzhen stock exchanges released important announcements. Unitree Technology's online investors abandoned subscription for 8,734 shares, which were fully underwritten by the sponsor. Honghe Technology terminated its investment in a project to produce 72 million meters of high-performance electronic-grade fiberglass cloth annually, while also disclosing that first-half net profit grew 334.32% year on year. Longcheer Technology plans to acquire 80% equity in Anruike for 1.12 billion yuan. Bohai Chemical plans to acquire 51% to 80% of shares in Gerui New Materials to enter the modified plastics sector. Joyson Electronics' controlling subsidiary plans to introduce a total capital increase of 1.5 billion yuan from Xingyin Investment and Zhongyou Investment. SMIC reported second-quarter sales revenue of 3 billion US dollars, up 20% quarter on quarter. Hygon Information Technology posted first-half net profit of 1.798 billion yuan, up 49.69% year on year. China Mobile reported first-half net profit of 78.934 billion yuan, down 6.3% year on year, and plans to distribute 25.1 yuan per 10 shares. G-bits Network Technology saw first-half net profit rise 69.31% year on year and plans to distribute 100 yuan per 10 shares. Xiechuang Data Technology's preliminary results showed first-half net profit of 1.863 billion yuan, up 331.11% year on year. Gao Neng Environment and its subsidiary jointly secured a 500 million yuan solid waste treatment project in Vietnam. Jifeng Auto Parts received a nomination for a passenger car seat assembly project, with an estimated total life-cycle value of 2.12 billion yuan.
0981-OL.HK · Capital · Positive SMIC reported Q2 sales revenue of $3 billion, up 20% QoQ.
300857.CS · Capital · Positive Preliminary results show first-half net profit of 1.863 billion yuan, up 331.11% year on year.
600699.CG · Capital · Positive Joyson Electronics' controlling subsidiary plans to introduce a total capital increase of 1.5 billion yuan from investors.
600941.CG · Capital · Negative China Mobile reported first-half net profit down 6.3% YoY.
603341.CG · Capital · Positive Longcheer Technology plans to acquire 80% equity in Anruike for 1.12 billion yuan.
603444.CG · Capital · Positive G-bits Network Technology saw first-half net profit rise 69.31% YoY and plans to distribute 100 yuan per 10 shares.
China Mobile plans cash dividend of 2.51 yuan per share
China Mobile announced on August 13 that it plans to distribute a cash dividend of 2.51 yuan per share before tax to all shareholders, with the Hong Kong dollar dividend amount at 2.9003 Hong Kong dollars per share, totaling an interim dividend of 54.426 billion yuan.
China Mobile's first-half net profit attributable to shareholders falls 6.3% year on year to 78.93 billion yuan
China Mobile released its 2026 interim report, showing first-half net profit attributable to shareholders fell 6.3% year on year to 78.93 billion yuan. Operating revenue was 538.04 billion yuan, down 1.1% year on year. Net profit attributable to shareholders excluding non-recurring items was 69.73 billion yuan, down 11.0% year on year. Net operating cash flow was 114.854 billion yuan, up 37.0% year on year. Second-quarter operating revenue was 271.56 billion yuan, down 3.0% year on year, and net profit attributable to shareholders was 49.59 billion yuan, down 7.5% year on year. Telecommunications services revenue was 350.4 billion yuan, down 5.7% year on year. Mobile customers reached 1.011 billion, a net increase of 5.88 million. Computing services revenue reached 52.9 billion yuan, up 14.0% year on year. Intelligent services revenue was 49.3 billion yuan, up 0.9% year on year. International market revenue was 18.2 billion yuan, up 30.1% year on year.
Multiple Companies Disclose Earnings and Major Matters
A number of A-share companies have released earnings, buybacks, contracts, mergers and acquisitions, and other major matters. Jianyuan Trust's net profit for the first half of the year rose 2559.08 percent year on year. G-bits plans to distribute 100 yuan per 10 shares. SMIC's second-quarter sales revenue was 3 billion US dollars, up 20 percent quarter on quarter. China Mobile's profit attributable to shareholders in the first half was 78.9 billion yuan, down 6.3 percent year on year. Jifeng Auto Parts has been awarded a passenger car seat assembly project, with an estimated total life-cycle value of 2.12 billion yuan. Longcheer Technology plans to acquire 80 percent of Anruike for 1.12 billion yuan, entering the data center infrastructure sector.
ADVANC Q2 profit surges 25%, poised to raise target, recommended for dividend play
ADVANC reported second-quarter net profit of 13.716 billion baht, up 25% from a year earlier and 1.6% from the previous quarter. Service revenue reached 45.473 billion baht, a 5.8% increase, driven by the mobile business where revenue grew 6%. The 5G subscriber base jumped 41% to 19.7 million, with ARPU at 240 baht per month. Meanwhile, service costs fell 12% due to lower amortisation and network expenses after the end of the 2100MHz spectrum lease agreement with NT. The board approved an interim dividend of 8.69 baht per share, with the XD date on 19 August. Analysts at Kasikorn Securities noted that ADVANC stands out compared to TRUE, even though second-half growth may soften from a high base. They recommend holding ADVANC for its consistent dividends and see potential for an upward revision of the target price from the current 385.34 baht. For TRUE, they suggest waiting to accumulate after the China Mobile share sale issue is resolved, with a target price of 16.77 baht.
TRUE confirms China Mobile not exiting major stake, unveils revenue push and B2B drive
True Corporation has confirmed that China Mobile has no intention of selling its entire 7.81% stake, and is only considering a minor sale of no more than 1% to rebalance its investment portfolio, which will have no impact on operations or business fundamentals. The company has also revised down its 2026 service revenue target excluding interconnection charges to growth of 1 to 2 percent, from the previous 2 to 3 percent, while maintaining its EBITDA growth target of 7 to 9 percent and capital expenditure of 25 to 27 billion baht. True Corporation has laid out a four-pronged strategy to drive a recovery, focusing on leveraging its spectrum advantage, which is 30 percent wider than competitors, to convert data usage growth averaging 20 percent per year into revenue through pricing measures, and pushing ahead with its modular My Plan packages that deliver average revenue per user 23 percent higher than standard products. It also aims over the long term to increase the revenue share of its B2B segment from 8 to 9 percent to 15 to 20 percent, shifting its role toward advanced technology services through a partnership model.
TRUE.BK · Capital · Positive China Mobile's stake sale limited to 1% with no operational impact, and company maintains EBITDA and capex targets despite revenue guidance cut.
600941.CG · Capital · Neutral China Mobile considering minor stake sale of up to 1% to rebalance portfolio, but no impact on operations or fundamentals.
TRUE clarifies China Mobile may sell no more than 1% stake after share price plunges on fear
TRUE shares tumbled 3.62% to close at 13.30 baht, with trading value exceeding 7.1 billion baht, following news that China Mobile might sell its 7.81% stake. However, the company clarified that China Mobile has no intention of selling its entire holding and is considering selling no more than 1% for normal portfolio management, while reaffirming it will remain a long-term shareholder. On fundamentals, TRUE reported first-half net profit of 13.1 billion baht, up nearly fourfold from a year earlier, and second-quarter profit of 6.6 billion baht, marking its sixth consecutive quarter of profit. Meanwhile, leverage fell to 3.7 times. Management lowered its 2026 service revenue growth target to 1-2% from 2-3%, but maintained its EBITDA growth target of 7-9%, reflecting a shift toward efficiency-driven growth. Krungsri Securities maintained a buy rating with a target price of 19 baht, viewing that core profit hit a new record high and there is potential for upward earnings estimate revisions.
Sigve says China Mobile is just rebalancing its portfolio, not abandoning TRUE, as it pushes ahead with AI and digital
Sigve Brekke, Chairman of the Executive Committee at TRUE, confirmed that China Mobile remains a strategic shareholder and has no plans to sell its entire stake. The earlier notification to the stock exchange regarding a potential sale of no more than 1 percent of TRUE shares was merely portfolio management in line with Chinese state-owned enterprise policy, and is unrelated to TRUE's fundamentals or the Thai economy. If a sale does occur, it will not affect business plans or operations. The collaboration between TRUE and China Mobile continues to move forward, especially in deploying AI to enhance network efficiency, reduce costs, and develop new digital services for both corporate and individual customers, in order to drive long-term growth.
TRUE profit surges 222%, but market frets over China Mobile partial stake sale
True Corporation reported a second-quarter 2026 net profit of 6.6 billion baht, up 222% from a year earlier, marking its sixth consecutive profitable quarter. It also approved an interim dividend of 0.15 baht per share, totalling approximately 5.2 billion baht. However, the share price came under pressure from news that China Mobile confirmed plans to sell only part of its roughly 7.81% stake in TRUE, reflecting that the market is more focused on share supply than near-term earnings, even as business fundamentals strengthened with EBITDA rising 13.5% to 283 billion baht and the debt burden falling to 3.7 times.
TRUE Falls 3% After Q2 Profit Misses Estimates and China Mobile Share Sale Concerns
TRUE shares dropped 2.90% to 13.40 baht after reporting second-quarter 2026 net profit of 6.554 billion baht, about 11% below Asia Plus Securities research estimates, due to higher-than-expected costs and expenses. Core profit came in at 6.735 billion baht, up 3.2% from the previous quarter, while gross margin improved to 35.4% from 26.9% a year earlier. The research team maintained a buy rating with a target price of 16.00 baht but cut its 2026–2027 core profit forecasts by 11%. It also flagged near-term pressure from China Mobile, which is considering selling up to 1% of TRUE, or no more than 345.5 million shares.
TRUE reveals China Mobile not selling entire stake, but considering sale of no more than 1%
True Corporation announced that China Mobile has confirmed it has no intention of selling all of its shares in the company, which represent a 7.81% stake, contrary to earlier rumors. However, China Mobile is considering the possibility of selling no more than 1% of the company's shares as part of normal portfolio management. This consideration depends on market conditions and other relevant factors, and is not due to any factors related to the company. China Mobile reaffirms its intention to remain a long-term shareholder, viewing True as an important strategic partner and believing in its business growth potential. The company expects that any potential sale of a small stake will not have a significant impact on its business operations.
TRUE Clarifies China Mobile Is Not Selling Entire Stake, Maintains Target of 18 Baht
TRUE shares fell 3.5% yesterday amid two main concerns ahead of its second-quarter 2026 earnings announcement this evening. Asia Plus Securities research noted that if profit comes in below the market expectation of 6.6 billion baht, it could pressure the share price in the short term. Meanwhile, TRUE informed the Stock Exchange of Thailand that China Mobile, which holds a 7.8% stake, confirmed it is not selling its entire holding but is considering selling only a small portion. The research team views the share sale as having no impact on fundamentals and maintains a buy recommendation with a 2026 target price of 18.00 baht, estimating normalized full-year profit at around 29 billion baht, up 49% from the previous year.
TRUE.BK · Capital · Neutral Earnings risk and share sale speculation create mixed short-term pressure, but fundamentals and target price remain unchanged.
600941.CG · Capital · Negative China Mobile's consideration of selling a small stake in TRUE is a minor negative, but it is not selling its entire holding.
City Land Xiangjiang Subsidiary Consortium Shortlisted for China Mobile Ningxia Data Center EPC Project
City Land Xiangjiang announced that its wholly-owned subsidiary Xiangjiang System, as a consortium member, has been shortlisted for the EPC general contracting project for the mechanical and electrical works of Buildings D01 and D02 in Zone D of the China Mobile data center in Zhongwei, Ningxia. Xiangjiang System will undertake 65.35% of the work, responsible for process mechanical and electrical construction and equipment procurement. The project is still in the public announcement period for the shortlisting, and the letter of acceptance has not yet been obtained.
600941.CG · Demand · Positive China Mobile's data center project in Ningxia has been shortlisted for EPC, indicating progress in its infrastructure buildout.
A-shares distribute over 29 billion yuan in dividends today, with Wuliangye and others paying out simultaneously
On July 16, the A-share market saw a sizable wave of concentrated dividend distributions. Wuliangye, Bank of Ningbo, Shanghai Pudong Development Bank, and other companies completed cash dividend payouts on the same day, with total distributions exceeding 29 billion yuan. Wuliangye distributed approximately 10.007 billion yuan in cash based on 3.879 billion shares, after deducting shares held in the repurchase account, paying 25.796852 yuan per 10 shares to all shareholders. Bank of Ningbo paid a cash dividend of 9 yuan per 10 shares based on its total share capital of 6.6 billion shares, totaling 5.943 billion yuan. Shanghai Pudong Development Bank distributed a cash dividend of 0.42 yuan per share, totaling 13.988 billion yuan. In 2025, 22 companies have cumulative actual dividends exceeding 10 billion yuan, with Industrial and Commercial Bank of China, China Mobile, and China Construction Bank surpassing 100 billion yuan, and Agricultural Bank of China, PetroChina, Kweichow Moutai, and several others exceeding 50 billion yuan.
000858.CS · Capital · Positive Wuliangye distributed approximately 10.007 billion yuan in cash dividends today, a direct capital return to shareholders.
002142.CS · Capital · Positive Bank of Ningbo paid a cash dividend of 9 yuan per 10 shares, totaling 5.943 billion yuan, a direct capital return to shareholders.
600000.CG · Capital · Positive Distributed 13.988 billion yuan in cash dividends, a direct return to shareholders.
600519.CG · Capital · Positive Mentioned as one of the companies with cumulative dividends exceeding 50 billion yuan in 2025.
600941.CG · Capital · Positive Mentioned as one of the companies with cumulative dividends exceeding 100 billion yuan in 2025.
601288.CG · Capital · Positive Mentioned as one of the companies with cumulative dividends exceeding 50 billion yuan in 2025.
CMHK becomes first Hong Kong operator to run only 4G, 5G and 5.5G after 2G shutdown
China Mobile Hong Kong has officially ceased its 2G service with regulatory approval, becoming the first mobile network operator in Hong Kong to offer only 4G, 5G and 5.5G high-speed services. The shutdown follows the company's 3G cessation in June 2025 and frees spectrum and technology resources for 5G and 5.5G development, aiming to boost capacity, coverage and intelligent network management. CMHK used AI-driven big data analytics and machine learning to identify 2G users and reached them through more than 8 million touchpoints including intelligent calls, SMS and app reminders. The company also provided one-on-one assistance, large-print guides, dedicated hotlines and device subsidies for elderly customers, with terminal subsidies extended to 31 December 2026. CMHK says the move supports AI applications, IoT, industry digitalization and smart city innovation while laying a foundation for Hong Kong's long-term network infrastructure.
Smart City / Autonomous Infrastructure › Urban Public Safety & Surveillance Technology
600941.CG · Technology · Positive CMHK shuts down 2G to free spectrum for 5G/5.5G, boosting capacity and supporting AI, IoT, and smart city innovation.
China
