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Richard Li-backed insurer FWD postpones Hong Kong IPO plan for second time amid stock-market doldrums
- The insurer refiled its application in March to refresh its original submission from February 2022
- FWD, which announced positive six-month results two weeks ago, said it ‘will assess the appropriate time’ to re-file the application
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FWD Group Holdings, the Hong Kong-based insurer backed by billionaire Richard Li Tzar-kai, has decided to postpone its Hong Kong initial public offering (IPO) for the second time due to ongoing market volatility.
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The insurer, which marked its 10th anniversary in August, refiled its application to list on the city’s stock exchange in March this year. It aimed to use the proceeds from the IPO to support growth and the enhancement of its digital capabilities and strategy.
FWD first postponed its planned US$1 billion listing, originally filed in February 2022, in May last year, also due to market volatility.
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The attempted Hong Kong listings came after the insurer shelved a plan to list in New York in 2021 amid ongoing US-China tensions. It had aimed to raise up to US$3 billion in New York in September 2021, which would have valued the company at US$13 billion.
“The [Hong Kong stock] market condition is not good,” said a source familiar with the matter, who added that the company is in no rush to list because it is financially strong.
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