A Generalized Hypercube Network (GHNet) with shared channels which requires only one fixed-wavelength transmitter and r(m-1) fixed-wavelength receivers per node is proposed. The proposed network topology reduces not only the number of transmitters per node but also the number of WDM channels required to service the same number of nodes compared with the GHNet with dedicated channels by sharing the available WDM channels, while it maintains the same channel efficiency as the GHNet with dedicated channels. The proposed network topology may be preferred in a situation where the number of available WDM channels and the cost of the transmitter may cause a major restriction on the lightwave network construction. For performance analysis, the network capacity and the mean queueing delay for the proposed network topology are obtained. Also, the performance measures of the proposed GHNet with shared channels are compared with those of the ShuffleNet with shared channels.