IPO duo slash valuation targets amid weak HK market

One of them, Baytree, could even be worth than less than implied six months ago when Alibaba invested in it during pre-IPO funding.

Two companies looking to sell their shares in Hong Kong have been forced this week to rein in their expectations in the face of the local market's continued retreat -- so much so that one of them could even be worth than less than implied six months ago when Alibaba invested in it.

In what could be a first for the city, Babytree Group is now conducting an initial public offering at a valuation below its pre-IPO funding level.

Investment bankers said both Tongcheng-Elong and maternity and child care platform Babytree Group had made last-minute changes to their IPOs, resulting in a slight...

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