Zhong Guo Ji Jin Bao·2025-10-28 07:29Core Points - China Mobile has completed the final batch of share conversions for the "Pudong Development Bank Convertible Bonds," marking the end of the conversion process [2][4] - The conversion involved China Mobile converting RMB 366,000 worth of Pudong Development Bank A-share convertible bonds at a price of RMB 12.51 per share, resulting in approximately 29,300 new shares [3][4] - Following the conversion, China Mobile's total holdings in Pudong Development Bank increased to 6,053,495,450 shares, maintaining an ownership stake of 18.18% [3][4] Summary by Sections Conversion Process - The conversion process for the "Pudong Development Bank Convertible Bonds" has reached a cumulative conversion rate of 99.67% as of October 24 [4] - The bonds were issued in November 2019 with a total scale of RMB 50 billion, making it the largest issuance of convertible bonds at that time [4] Strategic Implications - The conversion is expected to enhance Pudong Development Bank's core Tier 1 capital and improve its capital strength and risk resilience [3][4] - The management of Pudong Development Bank has demonstrated a clear commitment to capital replenishment through this conversion process [4] Financial Impact - Post-conversion, the core Tier 1 capital adequacy ratio of Pudong Development Bank is projected to increase by approximately 0.1 percentage points to 9% [4] - The dilution effect on dividend yield is expected to be limited, with a forecasted decrease of 0.3 percentage points to 3% by 2025 [4][5]