Nanjing-based publishing giant Phoenix Publishing and Media Group recently reached a consensus with China Mobile Ltd, China's largest wireless carrier by sales, in capital and business cooperation.

On Feb 7, PPMG inked an equity transfer agreement with China Mobile Investment Holding Co Ltd, a wholly-owned subsidiary of China Mobile.

According to the agreement, PPMG will transfer its 254 million shares in Phoenix Publishing and Media Inc (accounting for 10 percent of the total shares) to China Mobile Investment for a price of 7.73 yuan ($1.13) per share, while China Mobile will become a strategic investor.

After the transfer, PPMG will hold 1,598,290,258 shares in PPM, accounting for 62.8 percent of the total.

China Mobile is a world-leading comprehensive telecom operator and the main executor of the country's 5G strategy, while PPM is China's largest cultural publication company in comprehensive economic scale.

Both sides boast strong prospects for cooperation in content, technology, and resources.

PPM will carry out strategic cooperation with China Mobile in the integration of digital publication and intelligent education with 5G, big data, and cloud computing after the signing ceremony to promote the digital transformation and high-quality development of PPM.