China Netcom gearing up for IPO

China Netcom, the country's second largest fixed-line telephone operator, has applied to list in New York and Hong Kong in hopes of raising US$1.5 billion, state media said. Reports indicated the offering would be held in September. The company operates networks in six provinces and cities in northern China, Shanghai and Guangdong and manages a nationwide broadband service. It also owns overseas links acquired last year from the unraveling Global Crossing consortium.