China Netcom IPO: smooth operator?

Company takes realistic view of valuation at (yet another) uncertain juncture in China''s telecom history.

China Netcom began pre-marketing a $1 billion to $1.4 billion Hong Kong and New York Stock Exchange listing on Monday via its three leads CICC, Citigroup and Goldman Sachs. Most of the big China and Hong Kong IPO's so far this year have had a fairly rough ride and at first glance many would expect Netcom to follow suit.

However, a number of equity specialists believe Netcom should run relatively smoothly, barring any unforeseen surprises. This belief is founded on the extensive efforts the company and its lead managers have made to avoid falling into the same traps that China Telecom did when it completed its IPO in autumn...

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