Chinese telecommunications giant China Tower plans to go public in Hong Kong later this year, continuing a wave of multi-billion-dollar tech IPOs in the city.
The company, created in 2014 after merging China’s three state-backed telecoms providers China Unicom, China Mobile, and China Telecom, is expecting to be valued at up to $40 billion, sources told Reuters. The flotation is reportedly planned for early autumn after the summer lull.
China Tower currently operates close to 2 million tower sites and boasts some solid financials. Operating revenue rose last year by 23% to RMB 68.7 billion ($10.8 billion), with a 25-fold increase in profits to RMB 1.9 billion.