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China Mobile Surges on Planned $2 Billion Cut in Subsidy

China Mobile Ltd. rose to the highest in six years after saying it will cut $2 billion from the subsidies that help consumers in the world’s largest market pay for smartphones from Apple Inc. and Samsung Electronics Co.

The carrier’s shares surged 5.3 percent to HK$93 in Hong Kong trading as of the midday break, reaching its highest intraday level since Aug. 27, 2008.