Changes in Hong Kong stocks | The three major operators collectively declined, and China Mobile (00941)'s net profit fell sharply in the third quarter, and the pressure on industry revenue reflected the VAT driven reset

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.