Billionaire Richard Li has revived plans to list the pan-Asian insurance company FWD Group in Hong Kong, according to three sources familiar with the matter. The listing plan was previously shelved due to regulatory delays and market volatility.
One of the sources said that FWD Group, headquartered in Hong Kong, might aim for a valuation of up to $9 billion during its IPO, depending on financial market conditions.
The sources indicated that the timing and scale of the IPO have not been determined yet. They declined to be identified, as they were not authorized to speak with the media.
An FWD spokesperson stated, “Although we do not currently have an active listing application submitted, nor have we decided to resubmit at this stage, we will certainly continue to closely monitor the developments and conditions of the capital markets.”
Richard Li founded FWD in 2013, controlling the company through his investment firm Pacific Century Group, which has investments in technology, media, telecommunications, real estate, and finance.
A source mentioned that during FWD's last attempt to list in Hong Kong in 2022, the target valuation was at least $10 billion. The plan was shelved due to market condition fluctuations.
The insurance company, operating in 10 markets across Asia, had planned to raise $2 billion to $3 billion through a New York IPO in 2021, but the plan was delayed due to prolonged US regulatory approval.
Sources stated that the revival of the Hong Kong listing plan is still in its early stages and may change based on market conditions and investor sentiment.
The listing could help boost the outlook for the Asian financial hub, where the number of new listings has decreased recently due to China's economic slowdown and geopolitical tensions.
The Hang Seng Index has risen by 9% this year, following a decline of 13.8% last year.
