CHINA MOBILE (00941.HK)  -0.250 (-0.291%)    Short selling $228.92M; Ratio 15.644%   and CHINA TELECOM (00728.HK)  +0.040 (+0.702%)    Short selling $45.07M; Ratio 7.243%   have multiple advantages for driving dividend growth, including margin expansion, lower capital expenditure and higher dividend payout ratio, HSBC Global Research issued a research report saying.

Although the broker believed that CHINA MOBILE faces more pressure in mobile services compared to its peers, it is expected to continue gaining market share in the home broadband market.

Furthermore, CHINA MOBILE is more attractive in terms of dividends, with a projected dividend yield of approx. 6.5% in 2025. HSBC Global Research's preference is in the order of CHINA MOBILE, CHINA TELECOM, CHINA UNICOM (00762.HK)  +0.130 (+1.377%)    Short selling $125.56M; Ratio 12.226%   and CHINA TOWER (00788.HK)  +0.210 (+1.895%)    Short selling $21.73M; Ratio 7.727%   .

Chinese telecoms are expected to see a continuous decline in capital expenditure until 2030, i.e. the earliest possible year for the launch of 6G, the report added. Telecoms estimated that 6G might be launched in 2030 or even later.

HSBC Global Research's ratings and target prices for Chinese telecoms are listed as follows:

Stock | Rating | Target Price (HKD)

CHINA MOBILE (00941.HK)  -0.250 (-0.291%)    Short selling $228.92M; Ratio 15.644%   | Buy | 108
CHINA TELECOM (00728.HK)  +0.040 (+0.702%)    Short selling $45.07M; Ratio 7.243%   | Buy | 7.4
CHINA UNICOM (00762.HK)  +0.130 (+1.377%)    Short selling $125.56M; Ratio 12.226%   | Hold | 9.9
CHINA TOWER (00788.HK)  +0.210 (+1.895%)    Short selling $21.73M; Ratio 7.727%   | Hold | 12.7
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-09-08 16:25.)