Netcom reported very close to IPO

Aiming to raise US$1.5 billion, state-owned China Netcom could file any moment with the US and Hong Kong regulators for a public offering, sources close to the company said. On this basis, its shares could be trading in September, the source said. Netcom needs money to upgrade networks and keep pace with fixed-line competitor China Telecom. If the plan goes ahead, China Netcom would be the fourth state-owned carrier to list.