China Netcom keen to launch A-share listing

China Netcom Group Corp (Hong Kong) Ltd<906>, the nation's second-largest fixed-line telephone operator plans to float shares on mainland stock market, company president Zhang Chunjiang said on Tuesday.

The company has submitted an application to China's top securities regulator on the share offer and is now under the prudent scrutiny, Zhang said without giving a date when the approval will be granted.

It is keen to list in domestic market where its major customers exist and it would like to share the growth of company with mainland investors, Zhang added.

With the returning to the domestic market, China Netcom aims to raise more capital to fund its expansion into mobile phone operations as the industry reshuffle in China is coming closer, Bloomberg News said.

Zhang made a suggestion in Beijing where he attended the annual session of PCC that the restructuring of China's telecom industry should speed up, sources said.