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Would-be Ant investors in $9bn strategic funds demand money back

Others seek removal of 18-month lockup period to clear the way for redemption

The Ant Group logo is pictured at the headquarters of the Alibaba affiliate in Hangzhou, China.   © Reuters

With Ant Group's record initial public offering in Shanghai and Hong Kong suspended, some of the more than 10 million retail investors who subscribed to five funds planning to invest in the share sale demanded their money back.

The five funds raised 60 billion yuan ($9 billion) for strategic investments in the Ant offering as well as in internet and technology stocks and bonds. Now that the giant Ant initial public offering (IPO) is on ice, some investors are asking for refunds while others are demanding removal of an 18-month lockup period to clear the way for redemption of their investments.

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