CHEN Wu frantically clicked the order button on his online brokerage account as the clock struck noon.
Like thousands of individual investors in Hong Kong and across China, the 35-year-old software developer was desperate for a piece of Ant Group Co’s initial public offering (IPO). His brokerage was allowing a small number of clients to supercharge their bets on Ant using 33 times leverage, and the offer was only available on a first-come, first-served basis. Wu had to act fast.
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