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Ant Group IPO-linked Chinese funds to return $9bn to investors

Asset companies also seek approval to set aside 18-month lockup requirement

Ant Group and others involved in the canceled listing are unwinding what could have been the world's largest initial public offering after the deal was pulled on Nov. 3.   © Reuters

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.

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