Debt levels at China Network Communications Group Corp (Netcom), now planning listings in Hong Kong and New York, were at yearend 2003 more than twice those of China Telecom, its bigger listed rival, analysts said, suggesting that its IPO valuations will have to be priced lower. CT, though in much better shape when it listed two years ago, made what analysts consider a dismal market debut. One analyst put Netcom's debt at the end of 2003 at RMB 70 billion (US$8.43 billion) against shareholders' equity of RMB 43 billion. Netcom, which had been in discussions over taking a 50% stake in PCCW, Hong Kong's main fixed-line provider, posted a net loss of RMB 11 billion after writing off RMB 25 billion of fixed assets. In 2002, its net was RMB 6 billion on revenues of RMB 48 billion.