China Tower debuts in HK market

CNC
Added On August 10, 2018

 China Tower Corporation Limited kicked off its trading debut in Hong Kong on Wednesday.

 
It is likely to be the world's largest IPO this year.  
 
The company filing indicates it plans to sell 43.115 billon H-shares with offering price at 1.26 HK dollars per share.
 
Shares were trading at HK$1.28 in the morning, slightly up on their IPO price of HK$1.26. They remained flat in afternoon trading at HK$1.27.
 
The company will raise a maximum of 6.9 billion U.S. dollars via the IPO, which is likely to be the biggest IPO on the Hong Kong exchange this year. 
 
China Tower was established by China Mobile, China Unicom and China Telecom in 2014. They sold their tower assets to China Tower in 2015.
 
Hillhouse Capital, affiliates of China National Petroleum Corp and Taobao, a subsidiary of Alibaba, are reported to be among the 10 cornerstone investors.
 
Data compiled by Bloomberg showed China Tower is the world's largest IPO since Postal Savings Bank of China's 2016 offering of 7.6 billion U.S. dollars.