December 15, 2021: -Asia-focused insurer FWD Group is raising $1.4 billion via a private placement of shares ahead of its long-planned initial public offering (IPO) that will be carried out in Hong Kong, according to two sources with direct knowledge of the matter.
A decision to shift to Hong Kong was made after regulatory approval for FWD’s planned U.S. IPO of $2 billion to $3 billion was delayed.
According to the sources, the company received preliminary approval from the Securities and Exchange Commission last week to carry out a marketing roadshow to investors but still required full sign-off from regulators.
The sources said that founder Richard Li’s weighted voting rights would be dropped to allow FWD to meet Hong Kong’s listing rules, which permits companies deemed innovative to have that share structure.
The sources said that the size and time frame of the Hong Kong IPO has yet to be determined.
The lackluster share price performance of Chinese companies listed in the United States, led by Didi Global, prompted the company to switch its listing to Hong Kong.
The sources said that FWD would be valued at $9 billion on a post-money basis.
The sources said that the Hong Kong-based insurer, controlled by billionaire Li, finalized the deal early on Tuesday, which is led by investors Apollo Global Management and Canada Pension Plan Investment Board (CPPIB).
Other investors include Swiss Re, the Li Ka Shing Foundation, Li’s Pacific Century Group, SCB Thailand, and Metro Pacific Investment Corp (MPIC) from the Philippines.
We provide the insights on leaders who are responsible for taking their organization to new heights, all the while bringing together a group of talented individuals.
March 25, 2025: The UK general election has been scheduled for July, setting the stage for a high-stakes contest between Prime Minister Rishi Sunak and Labour leader Keir Starmer.
March 24, 2025: Labour continues to gain traction in national polling ahead of the upcoming UK general election, capitalizing on economic dissatisfaction
March 20, 2025: The Metropolitan Police in London is facing renewed criticism following the expansion of its facial recognition surveillance operations.
March 04, 2025: China’s Zhurong rover has identified geological evidence suggesting that liquid water may have existed on Mars
February 25, 2025: Germany’s new leadership is pushing for greater European strategic independence, causing tensions in its relationship with the United States.
February 18, 2025: Severe flooding across Kentucky has left at least 12 people dead as record-breaking rainfall triggered widespread devastation.