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China National Petroleum Corporation will transfer a 0.3% stake in its listed subsidiary, PetroChina, to China Mobile at no cost, aiming to strengthen the partnership between the two state-owned enterprises. The company plans to transfer approximately 541 million PetroChina shares, increasing its ownership stake to 0.4%. This move is intended to deepen strategic cooperation, explore new areas of collaboration, and improve PetroChina’s shareholder structure.
Following the transfer, CNPC will retain around 82.2% of PetroChina. Both CNPC and China Mobile are directly overseen by the State-owned Assets Supervision and Administration Commission, which reports to the country’s cabinet. Last January, the two companies signed an agreement to enhance their cooperation in digital transformation, 5G technology, computing capability, artificial intelligence, and related fields.
In August of the previous year, they jointly launched the Kunlun large model, marking China’s first AI model designed specifically for the energy and chemical sectors. The latest iteration, unveiled in May, expanded the model’s parameters from 70 billion to 300 billion.
At CNPC’s mid-year conference on July 25, the chairman emphasized the company’s commitment to advancing its digital and intelligent transformation, developing emerging industries, and establishing itself as a globally competitive innovative enterprise by 2035.
PetroChina’s shares closed 0.2% higher at CNY9.10 (USD1.27) today, with a market value around CNY1.7 trillion (USD238 billion). Meanwhile, China Mobile’s stock slipped 0.5% to CNY107.39 (USD15.04), with a market cap near CNY2.3 trillion. The broader Shanghai Composite Index declined by 1.2%.
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