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- April 25, 2025 10:17 pm
- California
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.
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