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THE MARKETS
The U.S. banking giant Citi sold its 2.71-percent stake in Shanghai Pudong Development Bank (SPDB) for around $668 million.
Citi China CEO Andrew Au said the transaction marks a new phase in its longstanding strategic relationship with SPDB.
"China remains a top priority market for Citi and in 2012 we will continue to invest in China in support of our growing client base across all lines of business," Au added.
Earlier this year, the U.S bank has won approval to set up its own sole-branded credit card business in China after running a business with SPDB for almost a decade.
China Mobile, one of the country's largest telecom operators, reported a net profit of 125.87 billion yuan ($20 billion) for last year, reflecting a growth of 5.2 percent year on year, boosted by steady growth in users and wireless traffic and services.
The company saw its revenue grow 8.8 percent from a year ago to reach 528 billion yuan ($83.8 billion) in 2011.
But its average revenue per user, a key barometer to determine the long-term growth rate of telecom firms, dropped to 71 yuan ($11.3) per month last year from 73 yuan ($11.6) in 2010.
As mobile penetration in China becomes increasingly saturated, China Mobile has experienced a gradual slowdown in earnings momentum and faces intensifying competition from rivals China Unicom and China Telecom. The three companies are competing for new users of 3G services that offer faster data speeds and more revenue per user than second-generation services.
China Mobile said it plans to devote the bulk of handset subsidies this year to newer 3G handsets as it aims to grab a slice of the fast-growing segment.
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