Friday, 25 Sep 2020 07:28 PM MYT
SHANGHAI, Sept 25 — As five Chinese mutual funds targeting Ant Group’s hotly-anticipated IPO kicked off subscriptions today, retail investors found the only non-direct channel through which to buy the products was online payment platform Alipay. “This is the first time banks are being excluded from mutual fund sales,” one bank official said, speaking on condition of anonymity.Ant, backed by Alibaba Group, plans a dual listing in Hong Kong and Shanghai’s STAR Market to raise about US$35 billion in what could be the world’s largest initial public offering.
But Ant’s fund sales subsidiary is the sole distributor of the five funds, according to the sales documents.By bypassing traditional sales channels, Ant is throwing down the gauntlet to banks, analysts said.
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