China Tower to list RM39b IPO in HK

By REUTERS / Pic By BLOOMBERG

HONG KONG • China Tower, the world’s biggest operator of mobile phone towers, has applied to list its shares in Hong Kong in what could become the city’s second US$10 billion (RM39.47 billion) offering this year.

The company, formed in 2014 with the merging of the towers operations of China’s three state-backed telecoms providers, filed its application for an initial public offering (IPO) yesterday.

The application comes a little more than a week after Chinese smartphone maker Xiaomi Inc filed for an IPO that could also raise as much as US$10 billion.

It would be the first time the city has hosted two mega-flotations since 2010, when insurer AIA Group Ltd and Agricultural Bank of China Ltd raised US$20 billion and US$22 billion respectively, Thomson Reuters data shows.

China Tower is expected to seek a valuation of up to US$40 billion, according to sources with knowledge of the plans.