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


6 photos
Save Story
Leer en español

Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

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.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Photos

Most recent Business stories

Related topics

Business
The Associated Press

    STAY IN THE KNOW

    Get informative articles and interesting stories delivered to your inbox weekly. Subscribe to the KSL.com Trending 5.
    By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

    KSL Weather Forecast