Shearman & Sterling's Hong Kong and Beijing offices advised the underwriters, led by Goldman Sachs (Asia) LLC, Citigroup Global Markets Asia Ltd. and China International Capital Corp. Ltd. as joint global coordinators and joint bookrunners, on a $1.14 billion ($1.31 billion including the over-allotment option) initial public offering by China Netcom Group Corp. (Hong Kong) Ltd. ("China Netcom").

China Netcom is the second largest fixed-line telecommunications operator in China. The transaction was the largest telecom issue in Asia in 2004. It was also the third largest IPO in Hong Kong this year, following Ping An Insurance and SMIC, both of which the firm advised on as U.S. counsel. The offering involved a dual listing of ordinary shares on the Hong Kong Stock Exchange and American Depository Shares on the New York Stock Exchange.