The Hong Kong stock exchange has approved China Tower’s application for an IPO poised to raise as much as $10 billion, sources told Reuters.
The approval means that pre-marketing for the sale could begin as early as next week, with the IPO taking place as early as July 9th.
If the IPO goes ahead as planned, the world’s largest mobile mast operator would outstrip Xiaomi’s much-hyped listing, which is estimated to take in $6.1 billion.
Doubts surrounding Xiaomi’s flotation, however, have spread to other Chinese IPOs in Hong Kong during the second half of the year. Investors are awaiting Xiaomi’s offering price, but expectations have been significantly reduced in recent weeks.
The sources say that the timing of China Tower’s debut will depend on investor appetite for Xiaomi. The smartphone maker’s stocks will go on sale from July 9th.