China mobile tower owner debuts in HK market after $6.9B IPO

HONG KONG — 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.

Related News

Trump breaks ice with China's Xi in letter...

Feb 9, 2017

US-USA-TRUMP-CHINA:Trump breaks ice with China's Xi in letter seeking 'constructive' ties

New Zealand central bank shifts focus to external...

Feb 9, 2017

US-NEWZEALAND-CENBANK-ASSISTANTGOV:New Zealand central bank shifts focus to external risks:...

Philippine minister says mine closures in...

Feb 9, 2017

US-PHILIPPINES-MINING:Philippine minister says mine closures in watershed areas non-negotiable

Australian banks face renewed push for intrusive...

Feb 9, 2017

US-AUSTRALIA-BANKS-INQUIRY:Australian banks face renewed push for intrusive inquiry

Pope says 'at peace' confronting Vatican...

Feb 9, 2017

US-POPE-CORRUPTION:Pope says 'at peace' confronting Vatican corruption, sex abuse

Macquarie, ING join Apple Pay in Australia in...

Feb 10, 2017

US-APPLE-AUSTRALIA-BANKS:Macquarie, ING join Apple Pay in Australia in challenge to Big Four

Search
Financial Markets

Sign up now!