BREAKING NEWS Train derailed in Albert Lea, residents asked to shelter in place Full Story

World's biggest IPO in 2 years shows China's 5G ambitions

China's latest blockbuster IPO is set to help the country become a 5G powerhouse.Telecom company Chin...

Posted: Aug 8, 2018 11:34 AM
Updated: Aug 8, 2018 11:34 AM

China's latest blockbuster IPO is set to help the country become a 5G powerhouse.

Telecom company China Tower's Hong Kong debut on Wednesday is the world's biggest stock listing since Postal Savings Bank of China nearly two years ago. China Tower raised $6.9 billion from investors, valuing it at nearly $28 billion.

The state-owned firm is central to China's ambitions to become a global leader in 5G technology, which will eventually be used to run self-driving cars, virtual reality and smart cities.

China Tower is the world's biggest developer of cell-phone tower sites. The company was formed out of the networks of China's three big, state-owned wireless carriers and has a near monopoly in the country.

Related: What is 5G?

"Its role in rolling-out 5G-capable infrastructure is very important," said Kenny Liew, a telecommunications analyst at research firm Fitch Solutions.

By placing responsibility for building these networks into the hands of one company, the Chinese government is hoping that 5G can be rolled out more quickly and efficiently, Liew added.

A study released by Deloitte this week found that China has a strong track record of rapidly building telecommunications networks.

5G will need thousands of new wireless sites, many of which must be put on lamp posts and utility poles in densely populated areas.

Related: Here's why 5G is the future

China Tower built roughly 460 cell sites a day last year, according to Deloitte. Whereas the United States today has fewer than five cell sites per 10,000 people, China has more than 14.

China Tower says it plans to use about 60% of its IPO proceeds to build out and improve network infrastructure.

The Chinese government wants 5G deployed on a large commercial scale by 2020, and China's major carriers have all promised to meet that goal.

Despite the buzz around 5G, China Tower is the latest big tech listing to get a lukewarm reaction from investors in Hong Kong.

The company's shares were priced at the bottom end of its IPO range. And on their trading debut in Hong Kong on Wednesday, they traded flat.

Last month, Chinese smartphone maker Xiaomi went public with a lower-than-expected valuation of about $54 billion. The shares sank as much as 5.9% on their first day of trading after also earlier pricing at the bottom of their range.

-- Julia Horowitz contributed to this report.

Minnesota Coronavirus Cases

Data is updated nightly.

Cases: 592750

Reported Deaths: 7376
CountyCasesDeaths
Hennepin1226641731
Ramsey51369875
Dakota45906452
Anoka41713438
Washington26899283
Stearns22238222
St. Louis17758304
Scott17275124
Wright16034140
Olmsted1324298
Sherburne1170887
Carver1049145
Clay815792
Rice8056107
Blue Earth750441
Crow Wing665089
Kandiyohi655783
Chisago599751
Otter Tail574978
Benton570297
Goodhue478072
Douglas467875
Mower465732
Winona454550
Itasca437556
McLeod423659
Isanti421364
Morrison419260
Nobles407748
Beltrami395559
Steele388315
Polk384168
Becker380253
Lyon360651
Carlton345254
Freeborn341729
Pine328622
Nicollet326143
Brown305440
Mille Lacs304553
Le Sueur291723
Todd282132
Cass272828
Meeker256340
Waseca236222
Martin230632
Roseau209019
Wabasha20533
Hubbard189341
Dodge18493
Renville180243
Redwood174337
Houston171816
Cottonwood164923
Fillmore156310
Wadena155922
Pennington153619
Faribault152319
Chippewa152238
Kanabec144626
Sibley143510
Aitkin134936
Watonwan13279
Rock128219
Jackson121812
Pipestone115426
Yellow Medicine114120
Pope11026
Murray10639
Swift105218
Stevens91311
Marshall88117
Clearwater86816
Koochiching83315
Wilkin81512
Lake81119
Lac qui Parle75322
Big Stone6004
Lincoln5813
Grant5768
Mahnomen5499
Norman5399
Unassigned50093
Kittson48622
Red Lake3967
Traverse3705
Lake of the Woods3253
Cook1640

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 367061

Reported Deaths: 5938
CountyCasesDeaths
Polk57642625
Linn20869335
Scott20044241
Black Hawk15813308
Woodbury15132228
Johnson1448383
Dubuque13374208
Dallas1118298
Pottawattamie11122168
Story1061748
Warren577988
Clinton555693
Cerro Gordo540389
Sioux514474
Webster512293
Marshall483075
Muscatine481199
Des Moines457166
Wapello4301122
Buena Vista424840
Jasper419272
Plymouth401280
Lee375855
Marion362575
Jones298957
Henry291837
Carroll285952
Bremer284560
Crawford266140
Boone264834
Benton256655
Washington253750
Dickinson248443
Mahaska230351
Jackson222142
Clay215625
Kossuth215364
Tama209771
Delaware209641
Winneshiek196934
Page192722
Buchanan191332
Cedar190023
Hardin185643
Fayette185141
Wright184637
Hamilton179949
Harrison179673
Clayton169556
Butler164934
Madison162319
Mills162222
Floyd160942
Cherokee158938
Lyon158041
Poweshiek154734
Allamakee151451
Iowa148824
Hancock148234
Winnebago142431
Calhoun138513
Cass138554
Grundy136333
Emmet134340
Jefferson132435
Shelby131037
Sac130319
Union128333
Louisa128149
Appanoose127949
Mitchell126342
Chickasaw124116
Guthrie121530
Franklin120521
Humboldt119126
Palo Alto112823
Howard104622
Montgomery103338
Clarke100124
Unassigned9740
Keokuk95931
Monroe95129
Ida90335
Adair86532
Pocahontas85522
Davis83024
Monona82730
Osceola78716
Greene77710
Lucas77223
Worth7478
Taylor66012
Fremont6229
Decatur6089
Ringgold55824
Van Buren55818
Wayne53923
Audubon51010
Adams3384
Rochester
Partly Cloudy
68° wxIcon
Hi: 70° Lo: 51°
Feels Like: 68°
Mason City
Partly Cloudy
65° wxIcon
Hi: 73° Lo: 46°
Feels Like: 65°
Albert Lea
Partly Cloudy
72° wxIcon
Hi: 73° Lo: 47°
Feels Like: 72°
Austin
Cloudy
73° wxIcon
Hi: 73° Lo: 49°
Feels Like: 73°
Charles City
Mostly Cloudy
° wxIcon
Hi: 72° Lo: 49°
Feels Like: °
Warmer conditions for the weekend
KIMT Radar
KIMT Eye in the sky

Community Events