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As expected, China Mobile announced that it has entered into a share subscription agreement with Shanghai Pudong Development Bank, through its wholly-owned subsidiary – China Mobile Group Guangdong Company Limited. The world’s largest mobile operator in terms of number of subscribers 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. Each share was sold for 18.03 RMB (about HK$20.50) bringing the total consideration for the subscription to 39.8 billion RMB (approximately HK$45.3 billion).
As 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.
To put it in other words – China Mobile just got itself a bank and is ready to enter the mobile money market. With so many users on its network, they *must* be onto something.
About The Author
Dusan Belic
Dusan has been using smartphones since their introduction and is now following the latest trends in the industry. The "convergence" is what he's most excited about, and writing about it is the next logical thing to do. He thinks that using a smartphone is what everyone who cares about their time should do. In addition to his interests in mobile phones, Dusan also loves to experiment with the latest web and mobile 2.0 services. The idea of accessing and managing your information from any device no matter where you are simply amazes him. Whether it's an online to-do list, note taking service or a video sharing social network, he's there to try it out. He admits though, he's still searching for the ultimate web-based organizational tool, which "sings" perfectly with the mobile PIM application. Dusan used to run SymbianWatch.com which later became part of IntoMobile. He lives in Serbia, South-East Europe, from where he edits the site on a daily basis.
