China Telecom: by hook or by crook

Having been forced to cut the size of China Telecom's proposed New York and Hong Kong Stock Exchange listing, lead managers CICC, Merrill Lynch and Morgan Stanley priced a 7.556 billion share offering after US trading hours on Wednesday. The revised deal was 55% smaller than originally intended and raised $1.437 billion after being priced at HK$1.48 per share, the bottom end of a HK$1.48 to HK$1.71 price range.