[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 US sanctions against the Chinese fintech giant. The rush also underscores the marketing clout of Ant's online payment platform Alipay, the sole third-party distributor of the five mutual funds that threatens to disrupt traditional fund sales models.
Ant Group, Alibaba Group's fintech arm, aims to raise about US$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. The five funds launched on Sept 25 to raise 12 billion yuan each and invest up to 10 per cent of their assets to buy Ant's IPO shares as strategic investors.
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