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Business trends

China Tower pursues 5G ambition with $6.9bn Hong Kong IPO

Investors wary of low profitability and fallout from US-China trade friction

China Tower Chairman Tong Jilu speaks at a news conference on the company's initial public offering in Hong Kong on July 24.   © Reuters

HONG KONG -- Despite the shock waves from a full-blown trade war with the U.S., China continues to harbor a dream of being a global leader in fifth-generation wireless communications.

It has sent China Tower, the world's largest telecom tower operator and spearhead of Beijing's ambitions, to Hong Kong with the task of holding the largest global initial public offering in two years. The state-owned company raised $6.9 billion, and its shares will begin trading on Hong Kong Stock Exchange on Wednesday at an offer price of 1.26 Hong Kong dollars a share, the lower end of its proposed range.

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