China Tower Corp, a State-owned company that runs all of the country’s telecom towers, filed an application on Monday to go public in Hong Kong.

The Beijing-based company’s major shareholders include the country’s three telecom carriers. China Mobile owns 38 percent of China Tower Corp, China Unicom, 28.1 percent and China Telecom, 27.9 percent. China Reform Holdings Corp, a government-backed investment firm, holds 6 percent of China Tower Corp.

China Tower Corp, a joint venture created in 2014 to handle the tower assets of the country's top three telecom carriers, is designed to reduce duplicate construction and expenditure, as the country rolls out faster networks.