LONDON—Vodafone Group plc said it increased it ownership of China Mobile Hong Kong to 3.27 percent from 2.18 percent by subscribing US$750 million for new ordinary shares in the Chinese operator. China Mobile will use the proceeds to help finance its proposed acquisition of mobile companies in eight provinces of China.
Vodafone is the only foreign operator to have a foothold in the potentially lucrative Chinese market. Under the new deal, Vodafone can appoint one non-executive director to China mobile Hong Kong’s board.
