Chinese mobile phone tower operator plans $8.7B IPO

The state-owned monopoly that operates China's vast network of mobile phone towers plans to raise up to $8.7 billion in the biggest global stock offering in four years.

China Tower Corp. said Tuesday it plans to use 60 percent of the money for investment in its operations and gave no indication it plans to expand outside its home mainland China market.

If the company raises the total forecast, the would be the biggest since Alibaba Group, the Chinese e-commerce giant, raised $25 billion in 2014.


Explore further

Foxconn unit to raise $4.2bn in China IPO

© 2018 The Associated Press. All rights reserved.

Citation: Chinese mobile phone tower operator plans $8.7B IPO (2018, July 24) retrieved 26 May 2019 from https://phys.org/news/2018-07-chinese-mobile-tower-87b-ipo.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
6 shares

Feedback to editors

User comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more