China Tower picked up a green light for a $10 billion listing in Hong Kong, which would trump that of high-profile smartphone maker Xiaomi, reports said.
While the size of Xiaomi’s listing is not so far clear, Bloomberg today (29 June) put a figure of $4.7 billion on the IPO, at the lower end of an expected range. China Tower is now expected to begin marketing ahead of its IPO, with the possibility it could begin taking orders on the day Xiaomi begins trading: 9 July.
Reuters reported China Tower’s timings will depend on how the Xiaomi IPO is received, with it being a barometer for large listings in the tech sector.
China Tower is the world’s biggest telecom tower infrastructure company, operating more than 1.87 million sites. Formed with assets of the country’s operators, China Mobile will remain its largest shareholder after the listing. China Unicom and China Telecom are also significant shareholders.
In addition to its telecom sector customers, China Tower said it works with companies in the environmental protection; broadcasting; satellite positioning; energy; maritime and agriculture segments.