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Shares of China Netcom Group, China's second-biggest fixed-line phone company, have jumped 14 percent in their New York trading debut.
The company's American depositary shares rose to US$24.90 on the New York Stock Exchange composite trading on Tuesday from an initial public offer price of US$21.82.
China Netcom raised US$1.14 billion to expand its networks and pay bank loans.
An analyst says the Beijing-based company lured investors with higher dividends and a cheaper price relative to earnings than its biggest rival, China Telecom.
Netcom sold shares at about nine times its estimated 2004 profit, offering a yield of as much as 4.5 percent. China Telecom, the nation's largest fixed-line phone company, trades at about 10.5 times this year's profit.
(CRI.com November 17, 2004)
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