Richard Li’s FWD Group Holdings Ltd is aiming to raise HK$3.5 billion (approximately US$442 million or RM1.9 billion) through an initial public offering in Hong Kong, according to a stock exchange filing issued on Thursday. The move comes after years of delays and reflects improved sentiment in the city’s equity markets.
The pan-Asian insurer is offering 91.3 million shares at HK$38 apiece, with trading expected to commence on 7 July. The listing marks a significant milestone for Li, the son of Hong Kong tycoon Li Ka-shing, who first floated plans to take FWD public in 2021.
Originally, FWD targeted a US IPO with ambitions of raising up to US$3 billion. However, that attempt was shelved amid growing regulatory scrutiny in Washington over Chinese-linked listings, following the high-profile investigation into Didi Global Inc. The aftermath triggered Beijing’s broader clampdown on overseas share sales by Chinese firms, forcing FWD to reconsider its approach.
Subsequently, the company shifted its IPO ambitions to Hong Kong, though repeated filings never culminated in a launch due to weak market sentiment. Conditions in the city’s equity markets have only recently begun to rebound, buoyed by renewed interest from Chinese mainland companies seeking secondary listings. Notably, battery giant Contemporary Amperex Technology Co Ltd raised over US$5 billion in May, delivering the world’s largest market debut so far in 2025.
Although valuations in the insurance sector — including those of peers such as AIA Group Ltd and Prudential plc — remain below their 2021 highs, they have shown marked improvement this year, offering a more conducive environment for FWD’s long-anticipated offering.
Morgan Stanley and Goldman Sachs Group Inc are acting as joint sponsors for the listing, with HSBC Holdings plc serving as financial adviser, according to the company’s prospectus.
-Bloomberg
