China Network Communications Group Corp (China Netcom) has filed its listing application documents for a US$1.5 billion initial public offering (IPO) in Hong Kong and New York, the domestic media said yesterday.
The company, the nation's second-largest fixed-line phone operator, filed the application with the US Securities and Exchange Commission (SEC) and the Hong Kong Stock Exchange last week, said sources. China Netcom is likely to start selling its shares in mid-September at the earliest, as it usually takes two months to win regulatory approval, analysts believe.
According to sources, China Netcom plans to list its networks in six northern provinces and cities including Beijing, Tianjin, Shandong, Hebei, Henan and Liaoning, and its operations in Shanghai and Guangdong. It will also include its nationwide broadband business and the overseas network it bought last year from Asia Global Crossing.