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)