(Yicai Global) Nov. 11 -- Ant Group's aborted listings have prompted five closed-end funds worth CNY60 billion (USD9.1 billion) that sought to partake in its initial public offering as strategic investors to grant a one-month opt-out period for fundholders and investors to withdraw their holdings to meet their cash needs, the five announced in separate statements today.

Managed by China Universal Asset Management, E Fund Management, Penghua Fund, China Asset Management and Zhong Ou Asset Management, the funds began subscribing on Sept. 25. Most sought participation in the IPO of Ant -- the fintech arm of tech titan Alibaba Group Holding -- on the Shanghai Stock Exchange's Nasdaq-style Star Market. Each planned to raise CNY12 billion for an 18-month closed operation.

Investors are barred from cashing in shares within a lock-up period after subscribing to a fund and can only sell those they hold on the market following its listing, per rules on closed-end funds.

The opt-out period runs from Nov. 23 to Dec. 22, and the five funds will add Class-B shares that enable automatic redemption and exit after investors convert their original shares into these, per the statements. The funds will also waive management fees and custodial and sales costs during the time.

The SSE called a halt to Ant's Star Market listing on Nov. 3, citing the potentially sweeping impact of fintech regulatory changes on its structure and profit model. These new rules targeted online consumer loans, also called microloans. Ant then announced the suspension of its Hong Kong IPO and refunds to investors on Nov. 4.

Ant, the leader in China's fintech arena and the operator of the country's biggest third-party payment platform Alipay, was expected to land over USD30 billion in the world’s largest-ever IPO after it announced its bid for the SSE's Star Market and the Hong Kong Stock Exchange's main board in July.

Editor: Ben Armour, Xiao Yi