China's state-owned China Tower - the world's largest operator of telecommunications towers - announced Tuesday it will aim for an $8.7 billion initial public offering in Hong Kong, the biggest globally in four years.
China Tower is offering 43.1 billion shares globally at a range of HK$1.26 to HK$1.58 each with pricing expected on August 1 and will debut on the Hong Kong exchange on August 8.
It would be the largest IPO since Alibaba's $25 billion New York debut in 2014, according to data compiled by Bloomberg News.
Hillhouse Capital, affiliates of China National Petroleum Corp and Taobao -- a subsidiary of Alibaba -- are reported to be among the 10 cornerstone investors.
The company said Tuesday at its IPO launch event in Hong Kong that "international companies and giant domestic companies" were among the cornerstone investors.
"The potential to cooperate with Alibaba is great. We have a certain level of communication as well as understanding," added Tong Jilu, chairman and executive director of China Tower, speaking at the event at Hong Kong's Conrad Hotel.
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China Tower was formed by merging the operations of state-owned China Mobile, China Unicom and China Telecom in 2014 in a huge joint venture to streamline the industry.
Observers said investors may see the company as a safe bet on China's mobile market because of its government backing.
But some argued the fact it was a state-backed monopoly could limit growth due to lack of competition.
Caution over China stocks due to trade disputes with the United States could also temper interest.
Hong Kong is seeking to become a destination for major IPOs after being snubbed by Alibaba's overseas listing in 2014.
But the China Tower deal comes amid a slump in the Hong Kong bourse, with the benchmark Hang Seng Index trading down about 6 per cent from the start of this year.
Chinese smartphone Xiaomi debuted on the exchange last month with shares priced at the low end of its expected range, which saw a disappointing valuation of almost half of its target.
T10 Cricket League
Sharjah Cricket Stadium
December 14- 17
6pm, Opening ceremony, followed by:
Bengal Tigers v Kerala Kings
Maratha Arabians v Pakhtoons
Tickets available online at q-tickets.com/t10
RESULTS
5pm: Maiden (PA) Dh80,000 2,200m
Winner: Arjan, Fabrice Veron (jockey), Eric Lemartinel (trainer).
5.30pm: Maiden (PA) Dh80,000 1,400m
Winner: Jap Nazaa, Royston Ffrench, Irfan Ellahi.
6pm: Al Ruwais Group 3 (PA) Dh300,000 1,200m
Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinal.
6.30pm: Shadwell Gold Cup Prestige Dh125,000 1,600m
Winner: AF Sanad, Bernardo Pinheiro, Khalifa Al Neyadi.
7pm: Shadwell Farm Stallions Handicap (PA) Dh70,000 1,600m
Winner: Jawal Al Reef, Patrick Cosgrave, Abdallah Al Hammadi.
7.30pm: Maiden (TB) Dh80,000 1,600m
Winner: Dubai Canal, Harry Bentley, Satish Seemar.
The Farewell
Director: Lulu Wang
Stars: Awkwafina, Zhao Shuzhen, Diana Lin, Tzi Ma
Four stars
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Quick%20facts
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Ant-Man%20and%20the%20Wasp%3A%20Quantumania
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If you go
The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.
Women%E2%80%99s%20Asia%20Cup
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UAE%20medallists%20at%20Asian%20Games%202023
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How do Sim card scams work?
Sim swap frauds are a form of identity theft.
They involve criminals conning mobile phone operators into issuing them with replacement Sim cards by claiming to be the victim, often pretending their phone has been lost or stolen in order to secure a new Sim.
They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.
The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
'The Predator'
Dir: Shane Black
Starring: Olivia Munn, Boyd Holbrook, Keegan-Michael Key
Two and a half stars
Scoreline
Arsenal 3
Aubameyang (28'), Welbeck (38', 81')
Red cards: El Neny (90' 3)
Southampton 2
Long (17'), Austin (73')
Red cards: Stephens (90' 2)
Sri Lanka squad
Dinesh Chandimal, Dimuth Karunaratne, Kaushal Silva, Kusal Mendis, Angelo Mathews, Lahiru Thirimanne, Niroshan Dickwella, Sadeera Samarawickrama, Rangana Herath, Suranga Lakmal, Nuwan Pradeep, Lakshan Sandakan, Vishwa Fernando, Lahiru Kumara, Jeffrey Vandersay, Milinda Siriwardana, Roshen Silva, Akila Dananjaya, Charith Asalanka, Shaminda Eranga and Dhammika Prasad.
MWTC info
Tickets to the MWTC range from Dh100 and can be purchased from www.ticketmaster.ae or by calling 800 86 823 from within the UAE or 971 4 366 2289 from outside the country and all Virgin Megastores. Fans looking to attend all three days of the MWTC can avail of a special 20 percent discount on ticket prices.
