HK Stock Market Move | The three major telecom operators collectively declined; China Mobile Limited (00941) saw both revenue and net profit fall in Q3, with industry revenue under pressure reflecting a VAT-driven reset.

The three major telecom operators are collectively under pressure. As of press time, China Mobile Limited (00941) fell 2.17% to HK$78.75; China United Network Communications (00762) fell 2.04% to HK$5.445; China Telecom Corporation (00728) fell 1.74% to HK$4.505. On the news front, China Mobile Limited announced its third-quarter results on October 20. Third-quarter operating revenue was RMB 242.3 billion, down 3.4% year-on-year; core business revenue was RMB 205.1 billion, down 5.1% year-on-year; profit attributable to shareholders was RMB 27.3 billion, down 12% year-on-year. For the first three quarters, cumulative operating revenue was RMB 780.3 billion, down 1.8% year-on-year, and profit attributable to shareholders was RMB 106.2 billion, down 7.9% year-on-year. Citi noted in a recent research report that mainland China's telecommunications industry revenue may remain under pressure in the third quarter. In the first eight months of 2026, industry revenue fell 2.2% year-on-year, mainly reflecting a VAT-driven reset rather than a comparable deterioration in underlying demand. The bank believes this slowdown is largely priced in, and investors' focus is shifting to AI infrastructure monetization and dividend support.