Netcom shares rise 14% on NY debut
17 November 2004
Share in China Netcom, China's second-biggest fixed-line telco, jumped 14% in their New York trading debut. Netcom's American depositary shares rose to US$24.90 on the NYSE composite Tuesday from an initial public offer price of US$21.82. The IPO earned the company US$1.14bn cash it said it will use to expand its networks and pay bank loans. Analysts say the Beijing-based company lured investors with higher dividends and a cheaper price relative to earnings than its biggest rival, China Telecom.
