How Xiaomi flop hangs over Asia's IPO market

Can China Tower Corp revive investors’ interest after Xiaomi disappoints?

Asia’s stock markets may be about to prove that it is not always good to throw out the old in favour of the new if China Tower Corp’s CTC initial public offering can gain the kind of investor traction that Xiaomi Corp’s did not.

The old economy company, which is roughly one third-owned by China’s three major telecom operators, began pre-marketing its Hong Kong flotation on Monday.

Investment bankers contacted by FinanceAsia say CTC is adopting a wait-and-see approach to volatile market conditions before deciding whether to formally launch. However, its...

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