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China Mobile, SPDB Cooperation Awaits Approval

Beijing Times, 3/31/10

A meeting of Shanghai Pudong Development Bank (SPDB) shareholders has overwhelmingly approved proposals to make a private offering of shares to China Mobile (NYSE: CHL; 0941.HK). The offering must still be approved by the China Banking Regulatory Commission (CBRC), the China Securities Regulatory Commission (CSRC), and the State-Owned Assets Supervision and Administration Commission. High-level SPDB officials expect that once the CBRC has approved, approvals from the remaining departments will quickly follow.

SPDB chairman Ji Xiaohui said that two companies have already established a joint business cooperation committee, and will strive to sign a comprehensive business cooperation agreement within 3 months of the transaction's completion.

SPDB bank president Fu Jianhua said he hopes that in the future China Mobile will conscientiously carry out its duties as a strategic investor, and cooperate closely with SPDB on its own savings, loans, and capital management operations.

Keywords: M&A Ji Xiaohui Fu Jianhua China Mobile telecom Shanghai Pudong Development Bank China Banking Regulatory Commission CSRC CHL 0941.HK SASAC

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The information contained in this newsletter is based upon sources that Marbridge Consulting believes to be reliable, and we have made every effort to translate the original articles or article excerpts as faithfully as possible. However, Marbridge Consulting makes no warranty of and assumes no legal responsibility for the accuracy of either the original source material or the English language translations.

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