The spokeswoman said that there were no further details available regarding its planned acquisition of more mobile networks from its parent, China Mobile communications. China Mobile currently provides mobile telecommunication services in Guangdong, Zhejiang, Jiangsu, Fujian, Henan, and Hainan provinces. According to newspaper reports, the new acquisitions were likely to be in Liaoning, Shandong, Shanghai, Beijing, Sichuan, Heilongjiang and Hebei.

China Mobile's comments come after reported attempts by China Everbright Ltd, a conglomerate, to place millions of China mobile shares ahead of the planned expansion. Rumors have been varied, with Everbright trying to place from 42 million to as much as 62 million China Mobile shares to investors in London Thursday, in an attempt to benefit from the strong investor sentiment toward the stock and the sector in China generally.

Chine Mobile shares have surged this week, opening at 64 Monday and closing Thursday at 72.25, or a jump of 13 per cent. Brokers said Everbright wanted to place shares originally at HK $65 per share, and when it increased the offer price to 70 per share, investor interest waned. One broker reasoned that the placement did not go ahead because the company was merely testing market appetite for a placement. China Mobile shares were weaker Friday, as investors feared that Everbright would try to place shares again in the Hong Kong session, thus boosting the available pool of China Mobile shares. A China Everbright spokeswoman said there were no details available regarding the placement, and neither confirmed nor denied the rumor.