(Yicai Global) Aug. 8 -- China Tower expects to receive 100,000 orders to build fifth-generation network base stations this year as the world's biggest telecoms tower firm by revenue more than doubled its net profit in the first half.

5G business will gradually increase its contribution to the company's performance, Chairman Tong Jilu said at a meeting yesterday where the Beijing-based firm released its first-half earnings. The company's net profit rose to CNY2.5 billion (USD354.9 million) during the six months on CNY38 billion in operating income, up nearly 8 percent from the previous year.

China Tower already has 65,000 orders for 5G base stations from telecoms operators and this year will mostly be spent transforming the existing towers, according to Tong. 

China Tower's [HKG: 0788] stock price rose 0.5 percent this morning to HKD2 (30 US cents). The firm, which controls the cell tower market in China, went public last August, raising USD6.9 billion in the world's largest initial public offering in two years. 

In June, the Chinese government issued the first batch of 5G operator licenses. Shanghai plans to invest over CNY30 billion to build 30,000 5G base stations in the eastern city by 2021, while Beijing expects to complete the construction of 30,000 5G base stations the same year.

Editor: Emmi Laine