Mar 10, 2010 05:02 PM

China Mobile Dials Up a Shanghai Bank Stake

By staff reporters Feng Zhe, Zhang Yuzhe and Zhang Shuai

(Caixin Online)Positive signals in late February gave credence to months of speculation that China's state-owned telecom giant China Mobile might buy a major stake in Shanghai Pudong Development Bank Co. (SPDB).

A strong signal came February 25, when SPDB shares rose 5.49 percent. That evening, the bank said it would suspend trading the next day in connection with a campaign to attract strategic investors.

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