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China Mobile invests $5.8 billion in Shanghai Pudong Development Bank

China Mobile aims to tap into the growing potential for mobile finance and mobile e-commerce through a 20% stake in Shanghai Pudong Development Bank.

China Mobile will pay Rmb39 8 billion ($5 8 billion) for a 20% stake in Shanghai Pudong Development Bank (SPDB) as the two firms aim to tap into the market for mobile payments

The deal is intended to enable the two parties to build mobile finance and mobile e-commerce businesses encompassing mobile phone payments, mobile bank cards and mobile funds transfers

Hong Kong-listed China Mobile is buying 2 21 billion new shares in SPDB at Rmb18 03 per share The price represents a discount of 13 1% to SPDB's closing price on the Shanghai Stock Exchange on February 25, the last trading day before the parties entered a share subscription agreement, and a...

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