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Richard Li’s FWD could file for US$1 billion Hong Kong IPO as early as Monday
- The listing may take place within the first half of the year, depending on market volatility and investor demand, sources said
- FWD switched its listing venue to Hong Kong from the US in December last year
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FWD Group Holdings, the Asian insurer backed by Hong Kong billionaire Richard Li Tzar-kai, is close to filing an application for an initial public offering (IPO) in the city this year, according to people familiar with the matter, after US-China tensions scuppered more ambitious plans for an overseas debut.
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The IPO filing is set to be lodged with the Hong Kong stock exchange as early as Monday, the people said, asking not to be identified because the matter is private. The company could seek to raise about US$1 billion in a share sale, the people said.
A listing may take place within the first half of the year, depending on market volatility and investor demand, the people said. Considerations are ongoing and the deal could still face delays, the people said. The company is likely to announce full-year earnings also on Monday, they said.
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A representative for FWD declined to comment.
In December, FWD switched its listing venue to Hong Kong from the US, where it had filed for an IPO that could have raised as much as US$3 billion. The plan hit a snag amid US regulators’ increasing unease over the long arm of the Chinese government, after a post-IPO probe of Didi Global kicked off a wide-ranging crackdown on firms listing overseas.
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