Five newly launched Chinese funds targeting Ant Group's upcoming mega stock listing raised 60 billion yuan ($8.93 billion) cumulatively from more than 10 million retail investors, selling out within days, the funds' distributor said.
SHANGHAI - Five newly launched Chinese funds targeting Ant Group’s upcoming mega stock listing raised 60 billion yuan cumulatively from more than 10 million retail investors, selling out within days, the funds’ distributor said.
An average of eight investors placed orders each second during the subscription period, highlighting retail frenzy over Ant’s initial public offering despite possible U.S. sanctions against the Chinese fintech giant. Ant, Alibaba Group’s fintech arm, aims to raise about $35 billion in a dual listing in Hong Kong and Shanghai’s STAR Market, expected in October, in what could become the world’s largest IPO.
Two of the funds, launched by E Fund Management Co and Penghua Fund Management Co, hit their fundraising target even before the week-long Chinese National Day holiday that began on October 1.
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