July 24, China Tower Limited (stock code: 0788) announced details of its global offering of H shares listed on the Stock Exchange of Hong Kong Limited motherboard. Hong Kong IPO this time to find the money of many enterprises, China has become the largest IPO Tower or Hong Kong during the year.
It is reported that China will also introduce Hillhouse Capital Tower, Taobao, China, the oil capital, Industrial and Commercial Bank ten cornerstone investors, to subscribe for a total of $ 1,423,500,000 (equivalent to approximately HK $ 11.1 billion).
I remember before the listing of millet, a lot of attention, friends of various circles scraper. But the Chinese companies listed on the tower, but it seems somewhat limited attention. I remember four years ago, after the establishment of the tower to the news coming out of the circle of friends is also a hot discussion.
Why not as good as millet attention?
I have the following simple analysis.
From the perspective of millet,
First millet will be marketing, manufacturing a variety of topics, which I will not detail.
Second, millet controversial business model, positioning itself there is the Internet company more than 70% of revenue comes from mobile phones, but the company claims to be more emphasis on science and technology such as Internet marketing, too much controversy.
The third is, investors hope valuation expectations. Millet mobile phone sales ranking rather forward, to be listed, a former domestic four in the first. Investors want to make money ah.
Fourth, millet is 2C consumer products, high degree of public concern.
From the perspective of China Tower,
First, the Chinese Tower More companies belonging to the telecommunications industry, business 2B, less people concerned about low natural concern.
Second, the valuation is not too high. The company belongs to the telecommunications tower companies, telecom operators worldwide share price is not too high, while domestic telecom tariff is also relatively low, but also shoulder the national requirements, covering the loss of rural areas such as social responsibility, the natural level of profitability is not high. We can refer to China Telecom and China Unicom.
Third, the tower company was founded more than three years now, it is still relatively young company.
Fourth, the tower is state-owned enterprises.
I like the tower it?
From an investment perspective, wanting to cash more difficult, but the future is a very stable company, China's unique one, all Internet-rise buildings, are built on this foundation network companies.
And Tower companies are operational out of the field of communications, to achieve business innovation through the station site resources, although the proportion of income is not much, but it will bring more surprises. Details can go to the official website to see China Tower.
CICC expects China Tower 2019 revenue grew 8.2%, net profit growth of 38.2%. CICC report said China tower lease rate steady growth, capital expenditures and operating expenses also with efficiency, profitability is expected to continue to grow. The bank forecast the valuation of the tower from 218 billion to 279 billion yuan, equivalent to 2018 forecast EV / EBITDA of about 9 times to 10.5 times.
On the listing of China Tower, chairman of Tong Ji Lu: "more than three years to achieve market and aspirations of this year, HKEx's largest IPO, how can we not, the key is to accelerate the construction of investors value our country 'network power' 'Digital China bright future ', the value the Chinese Tower as a landmark reform of state-owned enterprises vanguard, the value of dividends release SOE reform. "
Finally, we look at a few key messages
Number of Offer Shares under the Global Offering: 43,114,800,000 H shares (Over-allotment Option may be exercised or not)
Hong Kong Offer Shares: 2,155,740,000 H Shares (subject to adjustment)
Number of International Offer Shares: 40,959,060,000 H Shares (subject to adjustment and the Over-allotment Option may be exercised or not)
Maximum Offer Price: HK $ 1.58 per H Share, plus brokerage of 1.0%, 0.0027%, SFC transaction levy of 0.005 Hong Kong Stock Exchange trading fee (to be paid on application in Hong Kong dollars, to pay more money may be refundable)
Nominal value: 1.00 yuan per H Share
Stock Code: 0788
It expects the stock will begin regular trading in the Hong Kong Stock Exchange at 9:00 on August 8, 2018 in the morning
Directors of the Company intends to apply the net proceeds are used for the following purposes:
About 60%, or HK $ 36,129.6 million allocated for the following activities intended for capital expenditures, of which:
From about 51 to 54% and is expected to share the new sites for transformation. On the construction of the new tower and the room sub-station sites, such net proceeds are intended to be used primarily (i) for the construction of a new tower sites and procurement Tower, room or cabinet, facilities and construction, design and supervision services; and (ii) for the construction of new sites and procurement division room passive components, radiating cable and construction, design and supervision services. We also intend net proceeds are used for the allocation of existing sites share of the project, including increased reinforcement, expansion of site area, so as to increase the tenants or install more equipment, enhance the sharing and use of the sites.
About 6-9% is expected for facilities renovation. We intend such net proceeds for the replacement of our sites more new facilities, such as the installation or replacement smart FSU, batteries and air conditioning.
The total net proceeds are expected to be used as capital expenditure was informed of the number of use before the end of 2019. In addition to use the net proceeds are, we will continue operating cash flow, borrowings and debt and equity ways to financing from banks and other financial institutions allocated our capital expenditures;
About 30%, or HK $ 18,064.8 million is expected to be used to repay has been used to finance capital expenditures and working capital bank loans, the annual interest rate on such loans ranged between 4.35 to 4.75%, to 2018 to 2020 period; and about 10%, or HK $ 6,021.6 million intended for disbursement for working capital and for other general corporate purposes.
China introduced Tower
China Tower Co., Ltd. is the world's largest communications tower infrastructure service provider. As of June 30, 2018, the company's operations and management 1,898,139 2,784,559 two sites and service tenants.
According to Frost & Sullivan report issued by industry consultants (Sullivan report), as of December 31, 2017 and 2017, according to the number of sites, the number of tenants and revenue, the company in global communications tower infrastructure services providers are ranked first.
As of December 31, 2017 and 2017, with the number of sites meter, the company's market share in China's telecommunications tower infrastructure market was 96.3% by revenue, the company's market share in China's telecommunications tower infrastructure market 97.3%. China Tower Corporation is the promoter of Chinese power network implementation strategy indispensable.
The company is mainly engaged in the tower class of business, including macro and micro-station service station business; room service and cross-industry sub-station site application and information services.
Station site resources China Tower Co., Ltd. has a unique advantage in the Chinese market. As of March 31, 2018, the company's sites all over the country 31 provinces, municipalities and autonomous regions, covering all cities and vast rural areas. According to Sullivan report, the company matches the local economic development and population density in sites layout of the Provinces of China. In economically developed areas and mobile communications-intensive users, the company's sites is relatively dense distribution of resources.
Prospectus shows, China Mobile, China Unicom, China Telecom and China Guoxin each hold 38% of China Tower, 28.1%, 27.9% and 6%. Read the full text of the original title: China Tower announced the listing details, but why not millet "fire"?
Source: [Micro Signal: hhfine, WeChat public number: Huang Haifeng's communication life] Welcome to add attention! Please indicate the source of the article.
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