China Tower Corp. Ltd. Chairman Tong Jilu holds a drum stick to hit the gong during the listing ceremony at the Hong Kong Stock Exchange in Hong Kong Wednesday, Aug. 8, 2018. China Tower, the state-backed company that operates the world's largest network of telecoms towers, made a debut in Hong Kong Stock Exchange on Wednesday, raising US$6.9 billion. (AP Photo/Vincent Yu)

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

August 08, 2018 - 5:31 am

HONG KONG (AP) — Shares in the state-owned monopoly that operates China's vast network of mobile phone towers ended their first day of trading flat Wednesday in the company's stock market debut in Hong Kong after raising $6.9 billion from investors.

China Tower Corp. closed at 1.26 Hong Kong dollars (16 U.S. cents) per share, unchanged from their initial public offering price.

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.

AP Editorial Categories: