[ET Net News Agency, 17 May 2018] China Tower, the national towerco in China with 97%
revenue market share, filed an application on Monday to go public in Hong Kong.
Citi Research expects the IPO will likely happen in September, to help reduce China
Tower's significant debt burden. China Tower's value-add comes from economies of scale
(1.87m tower sites as of 2017), improved efficiencies with a rising tenancy ratio (from
1.28 by 2015 to 1.44 by 2017), and hence capex/opex savings for the industry.
The value was created when China Tower was carved out in 2014, and may already be in
current share prices of Chinese telcos, Citi said.
The research house doesn't expect Chinese telcos will sell down significant portion of
their shares in China Tower in the IPO. (KL)
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00941 CHINA MOBILE
Nominal 
70.450 0.000 (0.000%) Research Report
17/05/2018 15:57
[I-bank focus]Telcos seen not to sell big stake in Towerco
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