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Doris Yu · · 1 min read5 China funds raise $9b, targeting Ant Group’s IPO
Launched last month, the five funds aim to each raise 12 billion yuan (US$1.8 million) and become the strategic investors of Ant Group by investing up to 10% of their assets to buy IPO shares.
Before the eight-day national holiday in China that began on October 1, two of the funds, launched by E Fund Management Co. and Penghua Fund Management Co., reached their target. Meanwhile, the rest of the funds, managed by China Asset Management Co., China Universal Asset Management, and Zhong Ou Asset Management Co., also sold out as business restarted today.
Ant group, which is poised to list this month, aims to raise about US$35 billion in a dual listing in Hong Kong and Shanghai and could become the world’s largest IPO.
The development comes as Bloomberg reported that the US government is considering restrictions on Jack Ma’s Ant Group over national security concerns.
Currency converted from Chinese yuan to US dollar: US$1 = 6.71 yuan.
Editing by Collin Furtado and Jaclyn Teng
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