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Freshfields advises China Tower on world’s largest IPO of 2018

Freshfields Bruckhaus Deringer (‘Freshfields’) has advised China Tower Corporation Limited (‘China Tower’), the worlds’ largest telecommunications tower infrastructure service provider, on the proposed global offering and listing of its H-shares on the Main Board of the Hong Kong Stock Exchange.

The US$6.9bn transaction (before any exercise of the Over-allotment Option) is the largest IPO to have taken place worldwide since October 2016. Trading in the H-shares on the Hong Kong Stock Exchange commenced today (8 August 2018) with the stock code of 0788.

According to independent industry research, China Tower holds a market share of 97.3 per cent of the mainland China market by revenue. Its network of almost 1.9m sites span 31 provinces, municipalities and autonomous regions in mainland China, covering all cities and extensive rural areas. It intends to use the proceeds of the IPO for new site construction and augmentation; replacement and improvement of ancillary facilities; repaying loans; and general corporate purposes.

The deal is the latest in a series of record-breaking IPOs in which Freshfields has acted. These include the listings of China Unicom in 2000 (at the time the world’s largest-ever IPO); Industrial and Commercial Bank of China in 2006 (again the world’s largest IPO at the time); and Agricultural Bank of China in 2010, which beat the record set by ICBC.

The Freshfields team advising China Tower was led by partner and China chairman Teresa Ko, partner and head of China equity capital markets Richard Wang and partners Jason Xu and Yan Chen.


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About Freshfields Bruckhaus Deringer

Freshfields Bruckhaus Deringer LLP is a global law firm with a long-standing track record of successfully supporting the world's leading national and multinational corporations, financial institutions and governments on ground-breaking and business-critical mandates. Our 2,800 plus lawyers deliver results worldwide through our own offices and alongside leading local firms.  Our commitment, local and multi-national expertise and business know-how means our clients rely on us when it matters most.