Telecom operator PCCW (0008.HKG) priced its trust IPO at the low end of its preliminary price rage based on weak market demand, raising US$1.2 billion on the Hong Kong Stock Exchange with a final share price of HK$4.53 (US$0.60), The Wall Street Journal reported. PCCW had hoped to raise as much as US$1.6 billion through the offering of HKT Trust & HKT (6823.HKG), which contains the telecom’s fixed-line and broadband assets. PCCW Chairman Richard Li bought a 12.5% stake, a significantly larger portion of the shares than the 2.75% to which he was entitled. Retail investors did not buy up all of the 10% set aside for them, according a source familiar with the situation, who did not say how much retail investors did purchase. A falling stock market hurt the offering, with the Hang Seng Index falling 10% this month.