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IPO hopefuls forced to slash valuations as Asian listings slump

Weaker investor appetite curtails companies' fundraising ambitions

Babytree, an online parenting community part-owned by Alibaba, cut its proceeds target by 70%.   © Reuters

TOKYO -- Chinese IPO candidates are cutting fundraising targets or delaying Hong Kong flotations, as Asia's weak market for initial public offerings dashes hopes for big debuts.

Babytree, the babycare and parenting platform 10% owned by Chinese e-commerce giant, Alibaba and travel website Tongcheng-Elong Holdings, backed by gaming group, Tencent, last week radically scaled back the amount they intended to raise in flotations later this month. 

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