HONG KONG -- Chinese funds that raised more than 60 billion yuan ($9.12 billion) targeting Ant Group's now-suspended initial public offering, which had been expected to raise up to $39.6 billion, are offering full refunds to the more than 10 million individual retail investors who had sought a piece of the IPO.
Starting Monday, investors will have one month to apply for a full refund, according to a joint statement issued by the five fund management companies and a fund unit of Ant Group. All fees incurred for the investment will be waived, and fund houses said they will apply to the regulator to set aside the 18-month lockup requirement so investors can choose when to exit.
