May 14, 2018 / 12:15 PM / a year ago

Hong Kong gears up for another $10 billion IPO with planed China Tower flotation

HONG KONG (Reuters) - China Tower, the world’s biggest operator of mobile phone towers, has applied to list its shares in Hong Kong in what could become the city’s second $10 billion offering this year.

The company, formed in 2014 with the merging of the towers operations of China’s three state-backed telecoms providers, filed its application for an initial public offering (IPO) on Monday.

The application comes a little more than a week after Chinese smartphone maker Xiaomi filed for an IPO that could also raise as much as $10 billion.

It would be the first time the city has hosted two mega-flotations since 2010, when insurer AIA and Agricultural Bank of China raised $20 billion and $22 billion respectively, Thomson Reuters data shows.

China Tower is expected to seek a valuation of up to $40 billion, according to sources with knowledge of the plans.

Reporting by Jennifer Hughes and Julie Zhu in Hong Kong and Fiona Lau of IFR; Editing by David Goodman

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