Hong Kong, Feb 9, 2026, 18:29 HKT — Market closed.
- China Mobile slipped 2.1% to finish at HK$78.50, lagging behind the wider Hong Kong market.
- Goldman Sachs downgraded the stock to “Neutral,” trimming its target price as well, now set at HK$88.
- Eyes turn to late-March results, where traders are searching for fresh signals on 5G investment and progress in newer lines of business.
China Mobile Ltd (0941.HK) dropped 2.1% to HK$78.50 at Monday’s close, after Goldman Sachs pulled its rating to “Neutral” from “Buy” and slashed the target to HK$88—down from HK$105. The brokerage flagged signs of cooling in 5G telecoms services growth, noting its latest checks show new 5G base-station rollouts could slow to 540,000 in 2026 and 500,000 in 2027, which would be 8% and 7% lower, respectively, year-on-year. 1
This matters for China Mobile, a well-known defensive in Hong Kong portfolios. Investors see it as a reliable, cash-heavy stock—less for high-octane growth, more for its yield and earnings consistency. But a downgrade by a top broker? That can shake up its status fast, particularly with the broader tape trending strong.
China Mobile struggled while the broader market climbed. The Hang Seng Index closed 1.76% higher at 27,027.16, but the stock lagged behind as investors chased other riskier bets. 2
The drop on Monday had China Mobile shares leaning closer to the bottom of their recent band. According to Investing.com, the stock changed hands between HK$77.80 and HK$80.55 during the session, still above the 52-week low of HK$75.85 and well shy of the HK$90.60 high. 3
Goldman’s “target price” — essentially where the bank thinks fair value sits — doesn’t leave much room for gains from here. That’s the crux for traders right now. If the 5G build cycle is winding down, the market’s going to look for a new catalyst.
Other telecoms lost ground too, but China Mobile’s decline stood out. China Telecom (0728.HK) slipped 3.0% to finish at HK$4.92, and China Unicom (0762.HK) closed 1.5% lower at HK$7.19. 4
Stocks across Asia rallied on Monday, with risk assets getting a lift after investors welcomed moves toward political stability in Japan and bet on U.S. rate cuts coming later this year, according to Reuters. The region’s equities found some tailwinds in the broader backdrop. 5
China Mobile’s lag is getting tough to brush off. Typically, when investors are after beta, defensive telecoms more or less track the market—unless there’s a distinct issue weighing on them.
Bears face a clear risk here: just because network expansion slows, it doesn’t necessarily translate to weaker cash flow. Less aggressive build-outs can bring capital spending down, and if costs tighten or pricing holds up, the effect of slower growth could be less severe than some expect.
Next session, eyes are on whether any brokers line up behind Goldman’s call—or if yield-focused buyers move in after the slide. This stock’s been a popular “safe” trade more than once, but those plays tend to unravel quickly when the story shifts.
Results are up next. China Mobile’s earnings drop March 27, per Investing.com’s calendar. Investors will be zeroed in on what’s ahead for 2026 spending and any signals about 5G demand. 6
