Freshfields Bruckhaus Deringer and Clifford Chance (CC) have won lead roles on the planned Hong Kong initial public offering (IPO) of China Tower, which analysts say could raise $10bn.

China Tower, the largest telecom tower infrastructure owner in the world, filed an application with the Hong Kong Exchange on Monday (14 May), 11 days after smartphone maker Xiaomi applied for a Hong Kong listing that is expected to raise at least $10bn.