Alibaba suffers rare 'down round' investment as Babytree's HK IPO prices low - sources

HONG KONG (Reuters) - China's Babytree Group [1761.HK], a parenting website operator, has priced its Hong Kong IPO at the bottom of a marketing range, people close to the deal said, reducing its valuation and implying a 'down round' for investor Alibaba Group Holding Ltd.Babytree will sell shares in the initial public offering (IPO) at HK$6.80 each - the low end of a range that reached HK$8.80 - to raise $217 million, instead of up to the $1 billion initially targeted.The IPO will value Babytree..