China Mobile currently has over US$50 billion cash on hand, irking investors who worry it is missing out on the opportunity to buy telecommunications stock at bargain-bin valuations, Sina Tech reported Thursday.

By the end of June, China Mobile held US$51.1 billion on cash, equivalents and short-term bank deposits. In comparison, Apple Inc. had US$28.4 billion in cash, equivalents and short-term marketable securities. Apple also held US$47.8 billion in long-term securities such as corporate bonds and U.S. Treasury bonds.

According to data compiled by Bloomberg, the MSCI World Telecommunication Services Index is now trading at its lowest valuation multiples since July 2009.

China Mobile's cash is best used to upgrade its domestic network, Wang Jianzhou, the telecom carrier's chairman, said.

"Sure we have a strategy, but we don't have any targets," Wang said. "We are trying to find some new investment opportunities, including overseas investment. In our opinion, the purpose of every acquisition deal is to increase the value of company shareholders."

Wang's reluctance to buy highlights the divergence of opinion between the telecom giant and its minority shareholders, who think the company should seek buyable assets or give some money back to investors.

China Mobile is facing a slowing growth of subscribers in its home market, and hasn't carried out any overseas acquisitions. Its latest major purchase was taking over 20 percent of Shanghai Pudong Development Bank last year.

China's business press carried the story above on Thursday.