China mobile tower owner debuts in HK market after $6.9B IPO
HONG KONG (AP) — Shares in the state-owned monopoly that operates China’s vast network of mobile phone towers are flat as the company makes its stock market debut in Hong Kong after raising $6.9 billion from investors.
China Tower Corp. was trading at 1.27 Hong Kong dollars (16.2 U.S. cents) per share at midday on Wednesday, little-changed from its initial public offering price of 1.26 Hong Kong dollars (16 U.S. cents).
China Tower says it operates 1.9 million cell tower sites across China, the biggest mobile phone market. It has given no indication of plans to expand abroad.
The IPO surpassed the $5.4 billion raised last month by Xiaomi Corp., the Chinese smartphone brand, in its Hong Kong debut.