China Tower pulls off $6.9bn Hong Kong IPO

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By Jonathan Breen
02 Aug 2018

Mainland telecommunications infrastructure giant China Tower raised HK$54.3bn ($6.9bn) this week after getting its mammoth float across the line at the bottom of guidance.

The company relied heavily on the open market for its IPO, signing over just a fifth of the deal to cornerstone investors, an uncharacteristic move for a large Chinese state-owned enterprise listing in Hong Kong.

A 14-strong syndicate, led by joint sponsors CICC and Goldman Sachs, kicked off bookbuilding ...

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