China Tower fails to attract investors in lackluster Hong Kong offering

China Tower, the world's largest telecommunications tower operator, got off to a muted start on its first day of trading in Hong Kong, replicating the ill-timed debuts of companies like Ping An Good Doctor and Xiaomi as the protracted Sino-US trade friction continued to affect on market sentiment.

After raising HK$54.3 billion ($6.92 billion) in an initial public offering priced at the bottom of its marketed range at HK$1.26, the first day of trade saw the shares close flat at HK$1.26 on Wednesday.

This comes after the shares drew bids at a 1.59 percent discount in the gray market on Tuesday among retail investors, who gave China Tower a cold shoulder by placing orders just 0.36 times more than the number of shares available to the public.