China Tower seeks $8.7 billion IPO

Hong Kong: China’s state-owned China Tower — the world’s largest operator of telecommunications towers — announced it will aim for an $8.7 billion initial public offering in Hong Kong, the biggest globally in four years. China Tower is offering 43.1 billion shares globally at a range of HK$1.26 to HK$1.58 (US$0.16 to US$0.20) each with pricing expected on August 1 and will debut on the Hong Kong exchange on August 8. It would be the largest IPO since Alibaba’s $25 billion New York debut in 2014, according to data compiled by Bloomberg News. Hillhouse Capital, affiliates of China National Petroleum Corp and Taobao — a subsidiary of Alibaba — are reported to be among the 10 cornerstone investors. The company said at its IPO launch event in Hong Kong that “international companies and giant domestic companies” were among the cornerstone investors. — AFP