Huitongda Poised to Price Hong Kong IPO at Bottom of Range
- Rural e-commerce startup counts Alibaba among backers
- Firm had weighed delaying first-time share sale amid crackdown
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Huitongda Network Co., a Chinese e-commerce platform backed by Alibaba Group Holding Ltd., is set to price its Hong Kong initial public offering at the bottom of its marketed range, according to people familiar with the matter.
The company, which helps retailers in rural parts of the country to sell goods online, is offering 51.6 million new shares and had marketed them at HK$43 ($5.51) to HK$48 each.