Advertisement
Fred Ma, former Hong Kong minister and FWD director, appointed chairman of insurer backed by Richard Li
- Ma, 70, has been with FWD since 2013, when he joined as a director
- His appointment as chairman is expected to help the insurer resume its postponed IPO, brokers say
Reading Time:2 minutes
Why you can trust SCMP
1
Hong Kong insurer FWD Group Holdings has appointed director and former minister Frederick Ma Si-hang its new chairman, it said on Friday.
Advertisement
Ma, 70, has been with FWD- which is backed by Hong Kong tycoon Richard Li Tzar-kai – since 2013, when he joined as a director. He served as secretary for financial services and the treasury between 2002 and 2007 and as secretary for commerce and economic development from 2007 to 2008.
His appointment as chairman is expected to help the insurer resume its postponed initial public offering (IPO), brokers said.
Advertisement
“Ma is a former minister and has also been a banker for decades. His appointment as chairman will help strengthen investors’ confidence, while his network can help the insurer expand in the future,” said Louis Tse Ming-kwong, managing director of Wealthy Securities. “FWD wants to wait until the market sentiment improves before it pushes ahead with its IPO. We have seen sentiment improve this month.”
04:35
Roadblocks, heightened security as Chinese president visits Hong Kong for 25th handover anniversary
Roadblocks, heightened security as Chinese president visits Hong Kong for 25th handover anniversary
FWD decided in May to postpone a US$1 billion IPO in Hong Kong because of ongoing market volatility. The insurer will explore a resumption of its listing plans before the end of 2022, said a source familiar with the matter.
Advertisement