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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