Alibaba-backed online parenting firm Babytree Group launched a Hong Kong IPO of up to $281 million on Wednesday, far below what the Chinese company had hoped to raise, as weak markets force firms to scale back their funding ambitions. Babytree plans to sell about 250 million shares, or 15 percent of its enlarged share capital, at a price range of HK$6.80-HK$8.80 ($0.8682-$1.12), giving it a potential valuation of up to $1.87 billion, according to two sources familiar with the deal. That is below the company's $2 billion valuation in late May when e-commerce giant Alibaba invested $214 million in Babytree.
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