China Tower Seeks to Raise Up to $8.7 Billion in Hong Kong IPO

The transcript discusses Xiaomi's IPO in Hong Kong, which raised less than expected at $8.7 billion, down from an anticipated $10 billion. Initially valued at $100 billion, the valuation only reached $50 billion. Market conditions are cited as a factor, with tech stocks not performing well. Despite this, Xiaomi's debut was satisfactory. The funds are expected to be used for a national 5G infrastructure upgrade in China.

What impact did market conditions have on the deal's valuation?

What significant upgrade is China expected to undergo that relates to the funds?