Tag: China Tower
Beijing-based China Tower’s market value to about $28 billion, which is almost 20% below the valuation it was hoping for as recently as a couple of weeks ago.
China Tower operates 1.9 million tower sites and had 2.8 million tenants at the end of June - it was formed in 2014 from the tower operations of China Mobile, China Telecom and China Unicom.
China Tower Corp Ltd priced its shares at HK1.26 each to raise $6.9 billion, taking the amount raised by companies listing in Hong Kong in 2018 to $22.4 billion.
Companies including Xiaomi Corp. and China Tower Corp. have completed US$19.2 billion of first-time share sales initial public offerings since the beginning of June.
A government push to inject life into bloated state-owned enterprises by encouraging private capital investment, the float is also widely seen as a test of Hong Kong's IPO market.
With a 5G rollout coming and the nation determined to be a global leader in this field, China Tower will need buckets of cash to expand.
The company plans to sell about 25% of its enlarged share capital and is in talks with potential cornerstone investors for what would be the world's largest initial public offering (IPO) in four years.
The news comes as investors and bankers were on Friday awaiting the pricing of Chinese smartphone maker Xiaomi’s initial public offering.