diff --git a/hw/pcnet.c b/hw/pcnet.c
index 306dc6ed7e..6aa48e0d24 100644
--- a/hw/pcnet.c
+++ b/hw/pcnet.c
@@ -688,7 +688,6 @@ static void pcnet_s_reset(PCNetState *s)
     printf("pcnet_s_reset\n");
 #endif
 
-    s->lnkst = 0x40;
     s->rdra = 0;
     s->tdra = 0;
     s->rap = 0;
@@ -1751,5 +1750,7 @@ int pcnet_common_init(DeviceState *dev, PCNetState *s, NetClientInfo *info)
     }
     *(uint16_t *)&s->prom[12] = cpu_to_le16(checksum);
 
+    s->lnkst = 0x40; /* initial link state: up */
+
     return 0;
 }