HUITONGDA Network Co., a e-commerce platform backed by Alibaba Group Holding Ltd., has raised about US$284 million after pricing its Hong Kong initial public offering (IPO) at the bottom of its marketed range, according to sources familiar with the matter.

The firm, which helps retailers in rural parts of China to sell goods online, offered 51.6 million new shares at HK$43 (US$5.51) apiece, the sources said. Huitongda had marketed the shares at HK$43 to HK$48 each.

Huitongda had been considering an IPO that could raise as much as US$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, 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 listings raising just US$726 million in the first month of the calendar, it was the quietest start to a year since 2009.

Nanjing-based Huitongda assists retailers and wholesalers to manage their e-commerce, and procures everything from household appliances to auto parts to liquor for sale on its HTD Mall website, according to a preliminary prospectus. Founded in late 2010, it has more than 57,000 member stores in its network covering 21 provinces and over 20,000 towns and villages across China.

A subsidiary of Alibaba bought 4.5 billion yuan (US$708 million) worth of shares in the company in 2018, including 2.5 billion yuan worth of new shares, the prospectus shows. Alibaba will have about a 17 percent stake in Huitongda after the offering.

Huitongda brought in six cornerstone investors to the IPO, who agreed to subscribe to about US$150 million in shares, according to the prospectus. They include Skyworth Group and an indirectly owned unit of SenseTime Group. (SD-Agencies)