China Tower’s US$6.9 Billion IPO Targets 5G Build Out
China Tower Corporation (CTC) was formed in 2014 from the combined tower assets of China Mobile, China Unicom, and China Telecom. It is the world’s largest towerco, operating and managing 1.9 million towers that serve 2.7 million tenants as of December 2017, according to the company. China Mobile, China Unicom, and China Telecom currently own a 38%, 28.1%, and 27.9% stake respectively in CTC; state-owned asset manager China Guoxin Holdings owns the remaining 6%.
In 2018 CTC raised US$6.9 billion in its Initial Public Offering (IPO) on the Hong Kong stock exchange, valuing the company at about US$27.6 billion. This was the world’s largest IPO in the last two years and the largest in China since Alibaba’s US$25 billion IPO in 2014. CTC plans to use a major portion (60%) of the proceeds to update its existing towers and to build additional towers as it accelerates 5G network construction.
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