China Network Communications Group has selected China International Capital Corp, Goldman Sachs and Citigroup to co-manage its initial public offering (IPO) as banks begin the fight for a share of $11bn worth of Chinese IPOs.

China Netcom, which is the second largest fixed line operator after China Telecom with 10 networks across northern China, is expected to raise between $1.5bn and $2bn. It will be listing in both Hong Kong and the US.