China Tower files for Hong Kong IPO worth possible USD 10 bln

Tuesday 15 May 2018 | 08:46 CET | News
China Tower, a mobile infrastructure operator owned by the state, has filed for an initial public offering of shares in Hong Kong. China Mobile has a 38 percent stake in China Tower, with China Unicom and China Telecom each holding around 28 percent and China Reform Holdings, a state-owned investment fund, owning 6 percent. The three carriers pay leasing fees to use China Tower’s facilities. 

China Tower started its life in 2015 as part of a broader plan to reform the country’s state dominated mobile sector. Bringing together the transmission facility assets of China Mobile, China Unicom Hong Kong and China Telecom, the company is the world’s largest owner of telecom tower infrastructure, according to the prospectus. 

China Tower reported profits of CNY 1.9 billion in 2017, up from 79 million the year before and a loss of 3.6 billion in  2015.

Sources familiar with the matter said the IPO could raise USD 10 billion, Bloomberg reported. If so, it would be Hong Kong’s biggest IPO since 2010.

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Categories: Mobile & Wireless
Companies: China Mobile / China Telecom / China Unicom
Countries: China
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