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China Mobile, the nation's top mobile phone service provider, announced Tuesday it would extend the lock period of its 20-percent stake in Shanghai Pudong Development Bank (SPDB) to five years, following regulations, Reuters reported.
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Guangdong Mobile, China Mobile's branch in South China's Guangdong province, bought a 20 percent stake in SPDB for 39.8 billion yuan ($5.8 billion) in March. The deal has been approved by regulators and makes the mobile carrier the second-largest shareholder of SPDB.
China Mobile's shares closed at HK$79.15 ($10.18) on Tuesday, down 1.86 percent.