(Bloomberg) — 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.
The potential pricing was first reported by IFR.
Deliberations are ongoing and details may change, the people said, asking not to be identified as the information is private. An external representative for Huitongda declined to comment.
Huitongda had been considering an IPO that could raise as much as $1 billion as soon as last year, Bloomberg News reported.
After filing in June, the company weighed putting its plans on hold amid choppy markets and China’s regulatory crackdown on IPOs, people familiar with the matter said at the time.
The listing comes as a global IPO slump leaves no market untouched, including Hong Kong.
With just three IPOs in the first month of the calendar, it’s the quietest start to a year since 2009.
China International Capital Corp., China Renaissance Holdings Ltd. and Citigroup Inc. are joint sponsors of the offering.
The stock is expected to start trading on Feb. 18.
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