Alibaba-backed Babytree chops Hong Kong IPO by 70 per cent amid glut of new offerings and depressed stock market

• Babytree said it plans to raise as much as US$282 million from the offering, down from its initial target of US$1 billion
• The shares will be priced in a range between HK$6.8 and HK$8.8, with the offering starting on Thursday