China’s operators have enjoyed some success in raising ARPUs on the back of their 5G rollouts, meanwhile subscriber growth is winding down towards saturation. The latest financial results from the big three show 5G numbers tapering off, after a sustained growth period that has endured since the rollout began at the beginning of the Covid-19 pandemic. The trend shows up well for China Mobile, the world’s largest MNO by most metrics, except now for data carried. Over the last year, ending March 31st 2024, China Mobile added 125 million 5G subscribers (defined as those with a 5G package) although a substantial proportion do not have a 5G phone – a curiosity that we intend to investigate. But over the last…