US technology funds have flocked to invest in an ecommerce group that will be the largest-ever US initial public offering by a Chinese company, write Josh Noble and Nicole Bullock.
The Alibaba Group rival, JD.com, is looking to raise as much as $1.7bn on Nasdaq, in a listing that could give the company a market capitalisation of up to $24bn.
The online retailer, which began its global investor roadshow yesterday, attracted enough orders from US-based specialist tech funds alone to cover the books by 7am in Hong Kong, according to people familiar with the process.
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