August 15 -- China Mobile’s (0941.HK) Beijing subsidiary intends to spend 4.6 billion yuan to establish a financing management company, reports caijing.com.cn, citing a company filing.

The financing management company will have a total registered capital of five billion yuan, and the Beijing subsidiary will hold a 92-percent stake in it. The remaining eight percent stake will be held by China Mobile Communications Corporation, parent company of China Mobile.

The financing company was approved to conduct financing consulting, guarantee, note underwriting and loan business.