China Satellite wants to raise $500m in IPO

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China Satellite Communications (CSC), a subsidiary of China Aerospace Science & Technology, says it will sell shares to a group of investors totalling some 3.3 billion Yuan (about $506 million).

Based in Beijing, the company says it will use the cash to invest in 3 satellite projects.

After the cash-raising exercise China Aerospace will remain CSC’s largest shareholder.

Local reports say that China has identified communications satellites as a key civil infrastructure which sits alongside the country’s plans for 5G expansion.


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