Telecoms Shares Rise as China Tower Submits Hong Kong IPO Application

Telecoms Shares Rise as China Tower Submits Hong Kong IPO Application

Liao Shumin

Date: Tue, 05/15/2018 - 15:18 / source:Yicai
Telecoms Shares Rise as China Tower Submits Hong Kong IPO Application
Telecoms Shares Rise as China Tower Submits Hong Kong IPO Application

(Yicai Global) May 15 -- Shares in two of China’s big three telecoms operators rose today as China Tower Corp., the world’s largest operator of telecommunications towers, submitted a listing application to Hong Kong Exchanges and Clearing Ltd. China Mobile Ltd., China United Network Communications Ltd. (China Unicom) and China Telecom Corp. hold 94 percent of shares in the firm.

Shares in China Unicom [HKG:0762] rose 1.6% to HKD11.08 in trading this afternoon, while China Telecom [HKG:0728] was up 1.07% at HKD 3.79. China Mobile [HKG:0941] traded down 0.34% at HKD74.05.

China Tower received annual revenue and pretax profit last year of CNY68.7 billion (USD10.8 billion) and CNY2.7 billion respectively, according to the application on the HKEX website. The firm which derives over 97 percent of revenue from its telecoms tower business.

The three big telecoms firms set up China Tower in July 2014 with a registered capital of CNY10 billion. China Tower and three telecom operators completed a capital injection and acquisition of assets related to all towers in October 2015 and brought on China Reform Holdings as a new shareholder with six percent.

Editor: William Clegg

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Keywords: China Tower Corporation, Hong Kong Strock Exchange, IPO