FWD Group revives Hong Kong IPO plans: Report

The insurer could aim for a valuation of up to $9b in an IPO.

The plan to list FWD Group in Hong Kong has resurfaced, thanks to billionaire Richard Li, after previous attempts were thwarted by regulatory delays and market volatility, according to a Reuters report.

The news agency, which gathered information from three sources, said the timeline and size of the offering are still undecided.

FWD, headquartered in Hong Kong, could aim for a valuation of up to $9b in its initial public offering (IPO), depending on market conditions.

An FWD spokesperson stated, "While we do not currently have an active listing application and no decisions have been made to refile at this stage, we continue to keep a close eye on capital market developments and conditions."

Li founded FWD in 2013 and controls it through Pacific Century Group, which has interests in technology, media, telecoms, property, and financial sectors. 

FWD previously aimed for a valuation of at least $10b during its 2022 Hong Kong listing attempt, which was shelved due to market volatility. In 2021, FWD planned to raise $2b to $3b in a New York IPO but abandoned the effort due to regulatory delays.

The renewed Hong Kong listing plan is still in its early stages and may change based on market conditions and investor sentiment. 

A successful listing would improve the outlook for Hong Kong, which has seen a decline in new listings amidst the Chinese economic slowdown and geopolitical tensions. The Hang Seng index has risen 9% this year after a 13.8% decline last year.