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Technology Stocks : Alibaba Group Holding Limited
BABA 131.61-1.3%Nov 29 4:01 PM EST

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From: Julius Wong10/10/2020 7:35:46 AM
   of 793
 
Chinese funds targeting Ant IPO draw $9B from millions of retail investors
Oct. 9, 2020 1:31 AM ET|About: Alibaba Group Holding Limited (BABA)|By: Jason Aycock, SA News Editor

Five new Chinese funds targeting the giant upcoming IPO of Ant Group (NYSE: BABA) sold out in days and have cumulatively raised 60B yuan - about $8.93B - from more than 10M retail investors.

An average of eight investors per second placed orders during the subscription period, Reuters notes, pointing to the frenzy for the listing even as the U.S. looks into restricting Ant Group's payment systems.

The five funds launched Sept. 25 to raise 12B yuan each and invest up to 10% of assets to buy Ant IPO shares. Two of the funds hit their fund-raising target even before a weeklong Chinese National Day holiday that began Oct. 1. Friday's resumption of business saw Alipay (Ant's online payment platform) announcing the other three funds were sold out.

Ant is looking to raise about $35B in a dual listing in Hong Kong and Shanghai - what could become the world's largest IPO and value the company at more than $250B.

The fund rush is a coup for Alipay, which acts as the sole third-party distributor of the five mutual funds, a model that looks to disrupt traditional fund sales.
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