citic-1616-aims-to-raise-270-million-in-hk-ipo

Citic 1616 aims to raise $270 million in HK IPO

The Citic Pacific spin-off banks on increased tourism and new mobile subscribers to drive its earnings growth. Strong management cited as a plus.
Six years after it was taken over by Hong Kong-listed Citic Pacific, Citic 1616 Holdings is making a move to stand on its own feet again through a separate listing.

The company, which is aiming to raise up to HK$2.11 billion $270 million from an initial public offering in Hong Kong, is being marketed as a play on ChinaÆs growing cross-border telecom traffic and as such is yet another way for investors to buy into the increasing wealth among Chinese consumers.

Since it was bought by Citic Pacific in 2000, Citic 1616 has been transformed from a simple provider of international voice calls into an independent telecom hub operator that provides connectivity between voice...
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