APT mounts Chinese IPO
January 9, 2018
By Chris Forrester
Bermuda-incorporated (but operating from Hong Kong) APT Satellite, and backed by China Satellite Communications (CSCC), has issued new shares which will be traded on the Chinese mainland. Its shares were already listed on the Hong Kong exchange.
CSCC is itself involved in its own expanded float and restructuring on the Shanghai exchange.
APT is perhaps best known for its Apstar satellites and their broadband and Internet connectivity services.
Back in November 2017 APT’s shareholders approved the Chinese move. According to trade news-site Space Intel Report, APT and CSCC have already signed a 3-year contract covering transponder capacity and related services worth $44.1 million (HK$345m) annually for bandwidth over China and a further HK$220 million annually for capacity outside China.