(Yicai Global) Feb. 9 -- With leading Chinese brokerages raising their share price targets for China Mobile, the state-owned telecoms operator reached a new peak in Shanghai after soaring more than 15 percent in the past two days.

China Mobile [SHA: 600941] surged by the 10 percent upper limit to end today at CNY67.43 (USD10.60), topping an intraday record of CNY63.60 set during the stock’s Jan. 5 trading debut. Its Hong Kong-listed shares [HKG: 0941] rose 2.9 percent to HKD57.90 (USD7.40).

China International Capital Corporation, the lead underwriter of the Beijing-based firm’s mainland listing, yesterday rated the telecoms giant ‘outperform’ with a Shanghai share price target of CNY81 and HKD70 for its Hong Kong equity. Citic Securities also set a target of CNY75 the same day.

China Mobile is a major global operator, with leading profitability, high-quality assets, good cash flow performance, and significant advantages in network resources and user scale, Citic Securities said in its report.

The company’s competitive advantage in the fifth-generation wireless network era is expected to be further consolidated, the report added.

China Mobile listed in Shanghai at CNY57.60 a share and gained 0.5 percent on its first trading day, and has remained low since then. But thanks to the over-allotment option, which expired on Feb. 7, it has not fallen below the issue price.

Editor: Peter Thomas