May 31, 2018 (China Knowledge) - The world's largest operator of mobile phone towers, China Tower has applied to list its shares in Hong Kong on Monday.
The IPO could raise USD 10 bln, similar to that of Chinese smartphone maker Xiaomi. China Tower operated 1.9 mln tower sites and had 2.7 mln tenants at the end of last year. Its operating revenue in 2017 rose almost 23% to RMB 68.7 bln, while profit rose more than 25 times to RMB 1.9 bln. China Tower is expected to seek a valuation of up to USD 40 bln. This would be the first time Hong Kong hosted two mega-flotations since 2010, when insurer AIA and AgBank raised USD 20 bln and USD 22 bln respectively.
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