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China Tower files for Hong Kong IPO

Cellphone tower operator China Tower Corp. Ltd. has filed an application for an IPO in Hong Kong, Reuters reported May 14.

The company, one of the world's largest operators of mobile phone towers, could raise as much as US$10 billion, sources with knowledge of the plans told Reuters, adding that China Tower is expected to aim for a valuation of up to US$40 billion. Earlier this month, Xiaomi Inc. also filed for an IPO in Hong Kong that could also raise as much as US$10 billion.

China International Capital Corp. Ltd. and Goldman Sachs Group Inc. are reportedly leading China Tower's IPO.

China Tower was established in 2014 from the tower operations of China's three state-backed telco operators — China Mobile Ltd., China Unicom and China Telecom Corp. Ltd., which own 38%, 28.1% and 27.9% of the the company, respectively. China Reform Holdings Corp. Ltd., a state-owned asset manager, owns the remaining 6%.