Freshfields Bruckhaus Deringer and Clifford Chance have the lead roles on state-owned China Tower Corp. Ltd.’s planned Hong Kong initial public offering, which analysts say could raise $10 billion.

China Tower, the largest telecom tower infrastructure owner in the world, filed an application with the Hong Kong Exchange on Monday, 11 days after smartphone maker Xiaomi Corp. applied for a Hong Kong listing that is expected to raise at least $10 billion. The last time Hong Kong saw two IPOs worth $10 billion or more in the same year was in 2010, according to the South China Morning Post, when state-owned Agricultural Bank of China raised $22 billion and insurer AIA Group Ltd. raised $20 billion.

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