Just spotted this during my weekend data trawl. The market cap of China Mobile has exceeded that of Vodafone. As of 26/8/2006, China Mobile is valued at $127bn (off a peak 10% higher in mid Aug) compared to Vodafone's valuation of $124.7bn.
China Mobile now has more subscribers than Vodafone as well, running at 200m compared to Vodafone's c160m.
All that remains is the turnover target, with Vodafone somewhat ahead. But China Mobile hasn't started getting into neighbouring fast growing emerging markets yet, while Vodafone is retrenching.
American companies have long thrived globally due to the strength of their domestic market. It seems in some sectors, Chinese firms will benefit for the same reason.