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.