News Snapshot:
Millions of individual investors in China pulled more than $3 billion from five mutual funds that previously touted access to Ant Group Co.’s blockbuster initial public offering, drastically shrinking the funds just two months after the financial-technology giant’s listing was called off. The five mutual funds, overseen by some of the country’s largest investment firms, last fall raised the equivalent of $9 billion from more than 10 million individual investors. Many individuals bought the funds via Alipay, the popular payments and financial-services app owned by Ant. The Hangzhou-based company had earlier struck agreements to allocate a portion of its Shanghai...
