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China Mobile Share Surge Sparked By ‘Mystery Funds’: CSJ 

Claims that state-related funds were responsible denied by government after telecom firm’s price hits daily limit

China Mobile shares
People chat at a China Mobile booth at the China Internet Conference in Beijing last year. Photo: Reuters


“Mysterious funds” have pushed the Shanghai-listed shares of China Mobile to surge by the daily 10% limit, in what could be a signal of the “sentimental bottom” of mainland China’s A-share market, the state-run newspaper China Securities Journal said on Wednesday citing analysts.

This marks the second day of China Mobile’s surge in Shanghai after the over-allotment option for its initial public offering (IPO) expired on Monday. The telecom operator’s shares rose 5.4% in Shanghai on Tuesday.

The newspaper did not explain the source of the “mysterious funds.”

Bloomberg reported on Tuesday afternoon that state-related funds had stepped into the market to buy local shares, helping stem the biggest intraday loss since August 2021.

But a source close to the Chinese government said the report was “untrue,” the local Cailian Express said on Tuesday evening.

China Mobile debuted in Shanghai on January 5 after it was identified by the former US Trump administration as being affiliated with China’s military and forced to delist from New York last year. It also has a listing in Hong Kong.


  • By Iris Hong


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China Mobile Closes Higher After Biggest IPO in a Decade

China Mobile readies $8bn Shanghai listing after NYSE exit


Iris Hong

Iris Hong is a senior reporter for the China desk, and has special interests in fintech, e-commerce, AI, and electric vehicles. She began her career in 2006 and worked for Interfax News Agency and for PayPal before joining Asia Financial in July 2020. You can reach out to Iris on Twitter at @Iris23360981


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