HONG KONG – Shares of Chinese state-owned China Mobile Communications Corporation (HKG:0941) declined by 1.27 percent in today’s session at the Hong Kong Stock Exchange to trade at 93.50 at the close.
China Mobile’s stock opened higher at 96.00 but dropped to 92.50 until it settled at 93.50 on Tuesday’s close.
A total of 40.12 million shares exchanged hands.
Last August, the company named Shang Bing as its new Chairman as it seeks to strengthen its fixed-line broadband operations and magnify its 4G network.
The decision was taken by China’s cabinet that Mr. Bing, the ex-vice minister of China’s communication regulatory body, would replace Xi Guohua. The cabinet further said that the chairmen of China Unicom (Hong Kong) Limited (ADR) (NYSE:CHU) and China Telecom Corporation Limited (ADR) (NYSE:CHA) would also switch places. – BusinessNewsAsia.com