Richard Li’s FWD eyes another crack at HK listing: report

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Billionaire businessman Richard Li is revisiting the idea of listing FWD Group, his multinational insurance company, on the Hong Kong stock market, sources familiar with the plan told Reuters.

In total, this would be FWD’s fourth effort to go public. A 2021 New York listing that targeted raising US$2 billion and US$3 billion was postponed due to approval issues with US authorities.

The company also then pushed back plans to list in Hong Kong twice: first in 2022 due to unstable market conditions, and then again in 2023.

After the delay last year, FWD was reportedly mulling options including a stake sale that would value the company at US$10 billion. But Pacific Century Group, FWD’s parent firm, has downplayed the move.

Depending on market conditions, FWD could be eyeing a valuation of up to US$9 billion for this IPO, Reuters reported. That said, the updated plan for the Hong Kong listing is unfinished.

Founded in 2013, FWD has expanded to 10 markets in Asia, including Hong Kong, Japan, Singapore, and Indonesia. The company serves over 13 million customers with total premiums worth US$6.4 billion.

FWD’s website states that its new business value increased by 22% to Us$991 million in the last year, with post-tax profits similarly climbing by 27% to US$372 million.

Earlier this year, Tech in Asia reported that FWD had laid off employees in Singapore.

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