China Tower raises US$6.9b in IPO
Print Edition
STATE-OWNED China Tower — the world’s largest operator of telecommunications towers — has raised US$6.9 billion after pricing its initial public offering at the low end of the expected range, Bloomberg News reported yesterday.
The Chinese company sold 43.1 billion shares at HK$1.26 (US$0.16) each. China Tower last month set a price range of HK$1.26-1.58.
Trading on the Hong Kong exchange will begin on August 8.
The Beijing-based telecoms giant is the second prominent company to price at the low end recently, following Chinese smartphone maker Xiaomi’s disappointing valuation.
Analysts have said escalating US-China trade tensions have rattled investors. Asian markets overall were mixed yesterday following reports the US was planning to more than double tariffs on China.
“The market continues to be very volatile,” said Hao Hong, head of research at Bocom International Holdings in Hong Kong.
“Because of the unpredictability of Trump, people are finding it very difficult to figure out which sectors have been priced in and by how much.”
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