[ET Net News Agency, 13 July 2018] Jefferies Research cited media reports suggesting
that China Tower's IPO valuation would range from Rmb218bn to Rmb340bn, but its book
building may be delayed to next week because of a weak market.
At the mid-point of the reported range, the IPO size could be US$10.6bn and the Chinese
telcos' stakes are estimated to be worth HK$6.1 (China Mobile) (00941), HK$3 (China
Unicom) (00723) and HK$1.1 (China Telecom)(00728) per share, respectively.
But Jefferies sees the IPO bringing no direct benefit to the telcos' minority
shareholders. (KL)