证券时报·2025-10-26 08:26Core Viewpoint - China Mobile has increased its stake in Shanghai Pudong Development Bank (SPDB) by converting convertible bonds into ordinary shares, raising its ownership from 17.88% to 18.18% [2][4]. Group 1: China Mobile's Actions - China Mobile has announced three consecutive conversions of its SPDB convertible bonds into shares on October 13, 17, and 24, 2023 [2][4]. - After these conversions, China Mobile's total shareholding in SPDB has reached 60.53 billion shares [4]. - The conversion is seen as beneficial for SPDB, enhancing its core tier one capital and overall financial strength [4]. Group 2: SPDB Convertible Bonds - As of June 30, 2023, China Mobile held 53.35 billion shares of SPDB, making it the third-largest shareholder [4]. - The SPDB convertible bonds are set to expire, with the last trading day on October 23, 2023, and redemption at 110 yuan per bond [7]. - A significant amount of SPDB convertible bonds, totaling 136.4 billion yuan, have been converted into ordinary shares in the third quarter of 2023 [8]. Group 3: Market Context - The overall market for bank convertible bonds has been under pressure, with many banks experiencing a decline in stock prices [11]. - The exit of SPDB convertible bonds from the market is expected to lead to a restructuring of the convertible bond market, with potential shifts in institutional investment strategies [12].