Latest news with #FWDGroup
South China Morning Post
30-05-2025
- Business
- South China Morning Post
Richard Li's insurer FWD aims to list in Hong Kong in July after adding IPO bankers, sources say
FWD Group, the insurer founded by tycoon Richard Li Tzar-kai , could be listed in Hong Kong as soon as July after making its third attempt to list its shares amid a flurry of initial public offerings (IPOs) in the city, according to people familiar with the company's plans. Advertisement The insurer named CMB International and HSBC as overall IPO coordinators in a filing to the stock exchange on Thursday, joining Goldman Sachs and Morgan Stanley on a previously announced line-up. It followed a fresh IPO submission last week, after two previous attempts lapsed, as some investors showed interest in its prospects, sources said. FWD, which has not disclosed the size of its fundraising or the listing timeline, plans to use the proceeds to strengthen its capital base to support its business expansion, according to its filing. A representative for FWD declined to comment. The insurer postponed its Hong Kong IPO twice after an about-turn from a planned New York listing in 2021 amid US-China tensions. It had aimed to raise up to US$3 billion with that US flotation plan in September 2021, which would have valued the company at US$13 billion. Richard Li Tzar-kai leaves a government building after an official dinner in February 2024. Photo: Edmond So Li, 58, is the younger son of Hong Kong's richest billionaire Li Ka-shing. He is joining a beeline of Chinese companies taking advantage of a buzz in the city's stock market, following some stellar first-day winnings. They included a 16.4 per cent gain by China's biggest electric-car battery maker Contemporary Amperex Technology, and a 37 per cent surge in Jiangsu Hengrui Pharmaceuticals, one of China's largest drug makers.
Yahoo
27-05-2025
- Business
- Yahoo
FWD Group names new president and CEO for Philippines unit
FWD Group has appointed Lau Soon Liang as president and CEO of FWD Philippines, pending approval from regulatory bodies. Liang will assume the position on 1 June 2025. Currently serving as chief growth officer for South East Asia within FWD Group, Liang joined the company in 2016. He is a Fellow of the Institute and Faculty of Actuaries, UK. Liang said: 'I am honoured to take on this role and excited to build on the strong foundation that has been established at FWD Philippines. I look forward to working with our talented team to continue delivering customer-led innovations and financial solutions that empower Filipinos to celebrate living.' FWD Group's South East Asia senior managing director chief business operations officer, Binayak Dutta, said: 'Soon Liang brings extensive experience in driving growth and fostering strategic partnerships across South East Asia. His strong leadership will be invaluable in steering the next phase of growth in changing the way Filipinos feel about insurance.' Meanwhile, outgoing CEO Antonio De Rosas will move to an advisory role, added Dutta. The company entered the Philippine market in 2014 and has a bancassurance alliance with Security Bank. The Insurance Commission of the Philippines regulates FWD Philippines, granting it the legal authority to provide insurance products and services within the country. FWD Philippines, which began its commercial operations in September 2014, is a part of FWD Group, which serves approximately 30 million customers across ten markets in Asia, including BRI Life in Indonesia. In June last year, Reuters reported that FWD Group is preparing for an initial public offering in Hong Kong. "FWD Group names new president and CEO for Philippines unit " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
20-05-2025
- Business
- Forbes
Billionaire Richard Li's Insurer FWD Refiles For Hong Kong IPO
Richard Li Hong Kong billionaire Richard Li's insurer FWD Group announced Monday it has refiled an application to list on the Hong Kong stock exchange, as investors clamor for a piece of the city's red-hot IPO market. FWD did not disclose the target size or timing of its upcoming offering. A representative for the company declined to comment. FWD's latest application marks the Hong Kong-headquartered insurance company's fourth attempt to list on its hometown bourse, and its fifth in total. It last filed an application in Hong Kong in March 2023, following applications in September 2022 and in February 2022. These applications all lapsed after their submissions under lukewarm market conditions. Outside of Hong Kong, FWD's holding company, PCGI Intermediate, submitted a draft registration statement in June 2021 to the U.S. Securities and Exchange Commission for a $3 billion IPO. PCGI later withdrew its IPO plans in December, as Chinese regulators heightened scrutiny of overseas listings. Founded in 2013, FWD serves approximately 30 million customers across 10 markets, including Hong Kong, Macau, Japan, Singapore and Thailand, according to the company. It reported a net profit after tax of $24 million in the full year ended December 2024, marking its first full year of profitability and first positive operating cash flow under the International Financial Reporting Standard (IFRS) 17's accounting standards. Its total assets over that period reached $53.7 billion, an increase of around 2 percent from the year prior. FWD is majority owned by Pacific Century Group, Li's investment company, which has interests in finance, technology and property. A son of Li Ka-shing, Hong Kong's wealthiest person, Li established FWD after announcing he would acquire Dutch banking giant ING Group's insurance and pension units in Hong Kong, Macau and Thailand in late 2012. Since then, FWD has expanded through a series of investments and acquisitions across Asia, while attracting backers such as global reinsurer Swiss Re, Singaporean sovereign wealth fund GIC and the Canada Pension Plan Investment Board (CPP Investments). Hong Kong billionaire Li Ka-shing. Through Pacific Century, Li has also developed a portfolio of tech investments, including Singapore-headquartered insurtech Bolttech and fintech group MoneyHero. Li serves as chairman of Bolttech, which raised an undisclosed Series C funding round last December at a valuation of $2.1 billion. Bolttech's group CEO, Rob Schimek, was previously managing director and group chief commercial officer at FWD. FWD's renewed IPO ambitions have emerged as recent listings in Hong Kong have defied geopolitical tensions and market uncertainties to hit unprecedented highs. Chinese billionaire Robin Zeng's battery manufacturing giant Contemporary Amperex Technology (CATL) raised HK$35.7 billion ($4.6 billion) by selling 135.6 million shares at HK$263 apiece, the top of their marketed range, according to exchange filings – making the IPO the world's largest of the year so far. Shares soared as much as 17% on the CATL's first trading day Tuesday, despite the U.S. Department of Defense's January decision to blacklist the battery maker for allegedly aiding Chinese military advances. (CATL, which is also listed in Shenzhen, has denied these allegations.) Other listings include Mixue Group, China's largest bubble tea chain, which listed in early March. Mixue raised HK$3.45 billion ($444 million) from its IPO, which attracted a raft of cornerstone investors, including Chinese investment firms Hongshan and Boyu Capital, as well as existing backers Hillhouse and Meituan-backed fund Long-Z. Shares jumped 43.2% in the company's hotly anticipated debut, reaching a market cap of $14.1 billion and lifting the wealth of Mixue's cofounders, the billionaire brothers Zhang Hongchao and Hongfu, to over $5.6 billion each, per Forbes estimates. In February, rival milk tea franchise Guming raised HK$1.8 billion ($233 million) in its Hong Kong listing, making its founder Wang Yun'an a billionaire.
Business Times
19-05-2025
- Business
- Business Times
Billionaire Richard Li's FWD Group again files for Hong Kong listing
[HONG KONG] FWD Group, a Hong Kong-based insurer backed by billionaire Richard Li, said on Monday (May 19) it has again applied to list on the main board of the Hong Kong Exchanges and Clearing Limited (HKEX). The company did not give any financial or other details. Its previous attempts to go public were scuttled by regulatory delays and market volatility. It had targeted a valuation of at least US$10 billion in 2022, when it first attempted an initial public offering (IPO). That had dropped to up to US$9 billion in the middle of last year, when Li revived plans to list the pan-Asian company, Reuters reported. Li founded FWD in 2013 and controls the company through investment arm Pacific Century Group, which holds stakes in industries including technology, media, telecommunications, property and finance. REUTERS
South China Morning Post
19-05-2025
- Business
- South China Morning Post
Tycoon Richard Li's insurer FWD files to list in Hong Kong amid rising IPO wave
FWD Group Holdings, the insurer backed by tycoon Richard Li Tzar-kai , filed for a share offering in Hong Kong just a day ahead of the trading debut of the world's largest new listing this year, as the city's bourse regains its former lustre as a top global fundraising venue. Advertisement The insurer has received preliminary interest from potential investors for its third attempt at an initial public offering (IPO) in Hong Kong, sources familiar with the situation told the Post. FWD's filing with the exchange did not mention a timeline or a fundraising target. Brokers estimated the listing would take place this year and raise at least several hundred million US dollars. 'FWD resumes its IPO plan as the US and China tariff disputes have taken a pause, which makes it an ideal time for companies to launch new listing plans,' said Tom Chan Pak-lam, chairman of the Hong Kong Institute of Securities Dealers. The filing came just hours ahead of the trading debut of Contemporary Amperex Technology on Tuesday. The world's largest maker of batteries for electric vehicles has raised US$4.6 billion in the world's largest IPO this year Advertisement FWD said the proceeds from its IPO would be used to strengthen its capital to prepare for future business expansions. 'Such amounts, which contribute to our capital adequacy ratios, also form part of the regulatory capital base required to support growth and opportunities to further penetrate customer and channel reach across our operations, including the enhancement of our digital capabilities and strategy,' FWD said in its filing.
