China Tower seeks $8.7 billion IPO

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 (US$0.16 to US$0.20) 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.

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