Richard Li's FWD rises in HK debut, reversing earlier declines
The insurer's stock climbed 1.1 per cent to HK$38.40 on Monday (Jul 7), reversing a drop of as steep as 2.5 per cent.
The debut comes after the tycoon – son of famed Hong Kong businessman Li Ka-shing – tried to take the company public in New York in 2021, which was abandoned after regulatory scrutiny. Subsequent efforts to list at home in Hong Kong were stalled as the city's IPO entered a prolonged slump.
Now, with Hong Kong's equity markets rebounding, Li is seizing a more favourable window to raise capital for the crown jewel of his business empire.
Investors' sentiment has been buoyed by a wave of multibillion-dollar deals, with IPOs and follow-on offerings raising US$37.4 billion so far in 2025 – the highest since the record-breaking year of 2021 and a sharp jump from US$5.1 billion during the same period last year.
'It's been a long journey,' FWD chief executive officer Huynh Thanh Phong said in a Bloomberg TV interview. 'Hong Kong, as you can see, is back in a big way, and we're extremely happy to be part of that comeback story post-Covid.'
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Sign Up
Sign Up
The city's stock benchmark, the Hang Seng Index, has risen about 20 per cent for the year. Insurers have been particularly hot lately, with shares of AIA Group and Prudential each rising since their April lows.
Criss Wang, an analyst who writes on the Smartkarma platform, said that although FWD's stock may appear cheap based on book ratios, concerns about the company's potential impairment risks justify FWD shares trading at lower valuations than local peers.
Richard Li, who founded the company in 2013, owns a 66.5 per cent stake in FWD through various corporate entities. His stake in FWD accounts for two-thirds of his US$6.1 billion net worth at the IPO price, according to the Bloomberg Billionaires Index.
The insurer plans to use the proceeds to reduce debt, support growth and enhance its digital capabilities. BLOOMBERG
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
an hour ago
- Business Times
Singapore shares hit new high; STI up 0.5%
[SINGAPORE] The benchmark Straits Times Index (STI) notched a new high on the first day of the trading week on Monday (Jul 14), after Singapore's economy beat market expectations to expand 4.3 per cent year on year in the second quarter of this year. The STI rose 0.5 per cent or 21.40 points to 4,109.21. Across the broader market, advancers outnumbered decliners 315 to 191, after 1.5 billion securities worth S$1.4 billion were traded. The top gainer on the benchmark index was DFI Retail Group , which rose 3.5 per cent or US$0.10 to US$2.98. The biggest decliner was Yangzijiang Shipbuilding . The counter fell 0.9 per cent or S$0.02 to S$2.30. Casino operator Genting Singapore was the most actively traded counter by volume, with 47.4 million units worth S$34.5 million traded. The counter closed flat at S$0.73. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Regional exchanges ended mixed on Monday. Japan's Nikkei 225 was down 0.3 per cent and Australia's ASX 200 fell 0.1 per cent. Meanwhile, Hong Kong's Hang Seng Index was up 0.4 per cent, as was South Korea's Kospi, which rose 0.8 per cent. Paul Chew, head of research at Phillip Securities Research, noted that stock markets are at a record high, indicating market 'nonchalance' over US President Donald Trump's reciprocal tariffs, due to his propensity to constantly extend and soften tariffs. 'However, the rally in financial markets could backfire and embolden Trump to become more aggressive in his tariffs,' he said. Chew added that in the current market, real estate investment trusts are attractive as the risk of trade war looms and interest rates in Singapore decline.

Straits Times
an hour ago
- Straits Times
Veteran diplomats and tech pioneer given honorary degrees by NUS
Find out what's new on ST website and app. (From left) Honorary graduands Chan Heng Chee, Dr Noeleen Heyzer and Wong Ngit Liong, and NUS president Professor Tan Eng Chye (far right) during the graduation ceremony on July 14. SINGAPORE – Veteran diplomats Chan Heng Chee and Noeleen Heyzer, as well as tech pioneer Wong Ngit Liong, received honorary degrees from the National University of Singapore (NUS) on July 14. The honorary Doctor of Letters degrees were presented by Education Minister Desmond Lee at the commencement ceremony for 99 graduates from the NUS Business School, held by NUS at the University Cultural Centre. The honorary degrees are the university's highest form of recognition for outstanding individuals whose service has had an impact in Singapore and globally. Professor Chan Heng Chee is an NUS alumna who graduated with first class honours in Political Science in 1964 when it was then known as the University of Singapore, and returned to do her PhD in 1974. She was NUS' first female head of Political Science, before being appointed to lead the new Institute of Policy Studies in 1988. In 1996, at the start of her 16-year stay in Washington as Singapore's UN Representative and Ambassador to the United States, Prof Chan deepened ties, culminating in the US-Singapore Free Trade Agreement which was signed in 2003. In a citation, Professor Simon Chesterman, NUS' vice provost and dean of NUS College, said that through her career transitions, from academic to diplomat and then public intellectual, Prof Chan brought together a rare combination of intellectual independence and global experience. 'Throughout her career, Ambassador Chan has helped to shape how Singapore understands itself and how Singapore is understood by the world... at a time when expertise is not always valued quite as much as it is needed,' he said. While students of her time were focused on being 'present-ready' to grapple with political developments of the time such as Singapore's separation from Malaysia, Prof Chan said universities today have to prepare students to be 'future-ready'. With unpred icta bility and volatility being the new normal in 2025, she said students need to also develop an interest in politics and geopolitics. Addressing the graduands, she encouraged them to understand and follow what is happening in the world and locally, as it is crucial for their futures. 'Going forward, geopolitics is an inescapable part of our future, and we should be prepared to ride it, to deal with it,' said Prof Chan. Ambassador-at-Large Chan Heng Chee (left) being conferred the Honorary Doctor of Letters by Education Minister Desmond Lee on July 14. ST PHOTO: MARK CHEONG Fellow honorary degree recipient and NUS alu mn a Noeleen Heyzer was former Under-Secretary-General of the UN and the highest ranking Singaporean in the UN system from 2007 to 2014. A leadership pioneer for women, Dr Heyzer was the first woman from outside North America to head the UN's Development Fund for Women, and the first woman to serve as the executive secretary of the UN's Economic and Social Commission for Asia and the Pacific since its founding in 1947. Calling her a trusted voice in global governance, NUS' vice provost of student life and acting dean at the Lee Kuan Yew School of Public Policy Leong Ching said that Dr Heyzer is a trailblazer for women's empowerment across the world. 'Her leadership has redefined the nature of power itself – as a force for dignity, inclusion, and transformation,' said Prof Leong. Speaking at the ceremony, Dr Heyzer said that she is blessed to be born and raised in Singapore, where social mobility was provided for many, including her and her family. 'The transformative role of education and the thirst for learning played a big part in my evolving life,' she said. She called on graduates to provide new leadership in a world filled with paradox and disruptions, but also immense possibilities. Said Dr Heyzer: 'We are not just inheriting an emerging new world order. We are called to co-create it.' Dr Noeleen Heyzer being conferred the Honorary Doctor of Letters by Education Minister Desmond Lee on July 14. ST PHOTO: MARK CHEONG Mr Wong Ngit Liong, the final honorary degree recipient, is the executive chairman and founder of Venture Corporation. Since its inception in 1984, Mr Wong has led the company's evolution from a start-up in electronics manufacturing services into a globally recognised technology powerhouse. In public service, Mr Wong has been on numerous national boards and committees, including the Economic Development Board, 2002 Economic Review Committee and Singapore Exchange, among others. In a citation, Professor Aaron Thean, NUS' provost and deputy president of academic affairs, called Mr Wong a 'distinguished leader and pioneer in the global technology industry'. He added that as chairman of NUS' Board of Trustees from 2004 to 2016, Mr Wong's leadership was crucial in the university's structural transformation, including its propulsion into the ranks of the world's top universities. Recounting NUS's transformation since 2005, Mr Wong said he was part of a team that toured top universitie s in the US, Europe and China to learn and exchange ideas. Mr Wong Ngit Liong, executive chairman and founder of Venture Corporation, speaking after being conferred the Honorary Doctor of Letters by Education Minister Desmond Lee on July 14. ST PHOTO: MARK CHEONG Though foreign experts were invited to review local tertiary education strategy and curriculum, he said after some years, they were no longer needed. 'We adopted best practices, learned and leapfrogged to greater heights... We are so much more ahead of them, that they now have to learn from us,' said Mr Wong. A total of 17,646 students will receive bachelor's or graduate degrees this year from NUS at ceremonies taking place over 12 days from July 10 to July 21.

Straits Times
an hour ago
- Straits Times
Indonesia to require e-commerce platforms to collect tax on sellers
Find out what's new on ST website and app. The ministry will notify a platform if it meets the criteria, which will be based on site traffic and total transaction value over the past 12 months. JAKARTA - Indonesia's finance ministry will require e-commerce platforms to collect and pass on an income tax on sales made by small- and medium-sized sellers, according to new regulations published on July 14. Platforms that meet certain criteria must withhold and pass on a 0.5 per cent tax on sales made by sellers with an annual turnover of between 500 million rupiah (S$40,000) to 4.8 billion rupiah. They must also share the sellers' information with tax authorities. The ministry will notify a platform if it meets the criteria, which will be based on site traffic and total transaction value over the past 12 months. While the directive is effective immediately, platforms will be given a month to comply. Reuters reported exclusively last month on the plan to impose the tax. The tax office has said the rules are intended to tackle the 'shadow economy'. Indonesia's e-commerce association idEA has said its members would comply, but expressed concern over the implementation timeline, with the regulation set to impact millions of sellers. Indonesia's main e-commerce operators include ByteDance's TikTok Shop and Tokopedia, Sea Limited's Shopee, the Alibaba-backed Lazada, Blibli and Bukalapak. South-east Asia's largest economy has a booming e-commerce industry, with last year's estimated gross merchandise value of US65 billion expected to grow to US$150 billion (S$83 billion) by 2030, according to a report by Google, Singapore state investor Temasek and consultancy Bain & Co. REUTERS