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China Mobile (00941), China Unicom (00762) and China Telecom (00728) Joint Venture, China Tower (00788), the largest operator of telecommunication stations in China, launched yesterday an international roadshow, according to China Tower. 43.15 billion shares, the offer price of 1.26 to 1.58 yuan, 2000 shares per share, the admission fee of 3191.84 yuan. The company plans to raise 54.3 billion RMB to 68.1 billion RMB and put in place another over-allotment option of 15%, which means that it can raise up to 78.39 billion yuan and that it should become the IPO of the Hong Kong IPO this year.
Even the over-allocation will raise a maximum of 78.4 billion
China Tower will be offered from this Wednesday (25) to next Tuesday (31), and should be listed on August 8. The company's current fundraising scale has overtaken Xiaomi (01810) and has temporarily become a "funding king" this year, but if it is eventually capped, it may not be able to increase the amount funds raised in 2016. Equity, the final fund-raising of the year was 66.2 billion yuan. Depending on the range of IPOs, China Tower's market value is between $ 28.7 and $ 36 billion (approximately HK $ 225.4 to 282.7 billion) and the EBITDA (EV / EBITDA) ratio between 1 and 8 times in 2018. Compared to its international counterparts, the two largest base station operators in the United States, the American Electric Tower and Guancheng International, the valuation of Chinese towers is relatively cheap [tableau].
Investors who participated in the promotional meeting yesterday felt that the China Tower was reasonably appreciated and represented a good income choice, but that the China Tower had negotiated with the continent's three major telecommunications companies this year . With lower prices, this year's profits have not been exceptional and it is not necessary to enter the flight at this point. He believes the biggest risk of the stock comes from national politics, as most of his income depends on the top three telecom operators, and there is very little independent third-party revenue. The dividend payout ratio of over 50% Yichang 揸
also shows that China Tower will introduce 10 "star" core investors like Alibaba and will subscribe for a total of $ 1.424 billion (about 11.103 billion Hong Kong dollars). ). Among them, Gaochun Capital has invested about $ 400 million, US Hedge Fund OZ Funds invested $ 300 million, Darsana Master Fund LP subscribed for $ 175 million, Taobao China's Alibaba has invested $ 100 million, CNPC and Invus Public Equities subscribes 100 million The US dollar, like ICBC (01398), SINOMACH and the SAIC group, respectively subscribed for 50 million US dollars.
China Tower plans to pay dividends of at least 50% of distributable net profit. Zhao Yuwen, director of Cinda's international research department, pointed out that China's iron tower is different from new economic enterprises such as Xiaomi, previously clbadified as a traditional enterprise, and that the course of action should be stable at the beginning of the year. Volatility is only 10%, it is certainly not attractive compared to the new economic values, but it can be included in FTSE and even MSCI and other international indices. "
Zhang Zhiwei, co-director of Xincheng Securities The choice of interest is a more stable choice in the current volatile market conditions.Therefore, there is no shortage of money. investors. "You can take a small note to make a new stock. If you fail to fall in the price of the offer, you can consider that the gap cargo continues to hold."
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