The Zhitong Finance App learned that the three major operators were collectively under pressure. As of press release, China Mobile (00941) fell 2.17% to HK$78.75; China Unicom (00762) fell 2.04% to HK$5.445; and China Telecom (00728) fell 1.74% to HK$4.505.

According to the news, China Mobile announced its third quarter results on October 20. Revenue for the third quarter was 242.3 billion yuan, down 3.4% year on year, main business revenue was 205.1 billion yuan, down 5.1% year on year, and profit attributable to shareholders was 27.3 billion yuan, down 12% year on year. The cumulative operating revenue for the first three quarters was 780.3 billion yuan, down 1.8% year on year, and profit attributable to shareholders was 106.2 billion yuan, down 7.9% year on year.

According to a recent Citibank research report, revenue from the telecommunications industry in mainland China may still be under pressure in the third quarter. Industry revenue fell 2.2% year-on-year in the first eight months of 2026, mainly reflecting a value-added tax-driven reset rather than a similar deterioration in basic demand. The bank believes that this slowdown has largely been reflected in prices, with investors' focus shifting to AI infrastructure monetization and dividend support.

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