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FWD Group Raises $1.4bn Ahead of Hong Kong IPO

The decision to shift to Hong Kong was made after regulatory approval for FWD’s planned US IPO of $2-3 billion was delayed

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Richard Li, Hong Kong businessman and son of tycoon Li Ka-shing, is seen in Hong Kong in March 2017. Photo: Bobby Yip, Reuters.


Asia-focused insurer FWD Group has raised $1.4 billion via a private placement of shares ahead of its long-planned initial public offering (IPO) that will now be carried out in Hong Kong, two sources with direct knowledge of the matter said.

A decision to shift to Hong Kong was made after regulatory approval for FWD’s planned US IPO of $2 billion to $3 billion was delayed.

The company received preliminary approval last week to carry out a marketing roadshow but still required full sign-off from regulators, according to the sources

The sources could not be named as the information was not yet made public. FWD declined to comment.

Founder Richard Li’s weighted voting rights will be dropped to allow the company to meet Hong Kong’s listing rules, which only permit those deemed as innovative to have that share structure, the sources said.

The size and time-frame of the Hong Kong IPO has yet be determined, the sources said.

The share price performance of Chinese companies listed in the United States, led by Didi Global Inc, prompted the company to switch its listing to Hong Kong.

FWD will be valued at $9 billion on a post-money basis, the sources said.


  • Reuters with additional editing by Jim Pollard





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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.


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