Richard Li’s FWD keeps ‘close eye’ on market amid rumours insurer will refile for IPO

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A stock sale by FWD, which postponed its Hong Kong IPO twice last year, may value the 11-year-old insurer at as much as US$9 billion, Reuters reported

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FWD first filed a listing application to the Hong Kong stock exchange in February 2022 but decided to postpone it three months later because of market volatility. Photo: Reuters

Enoch Yiu

Published: 7:00pm, 6 Jun 2024Updated: 11:16pm, 6 Jun 2024

Insurer FWD Group Holdings said it is keeping “a close eye” on market conditions amid speculation that its owner, the tycoon Richard Li Tzar-kai, wants to revive his plan to raise capital through an initial public offering in Hong Kong.

A stock sale by FWD, which has postponed its Hong Kong IPO twice after an about-turn from New York in 2021, may value the 11-year-old insurer at as much as US$9 billion, according to a Reuters report.

“While we do not currently have an active listing application and no decisions have been made to refile at this stage, of course we continue to keep a close eye on capital market developments and conditions,” the company said in a statement to the Post.

FWD has always wanted to conduct an IPO and is now making preparations to refile, according to a source familiar with the matter.

The preparation work is likely to take some time, the source told the Post.

Richard Li Tzar-kai, the younger son of the city’s wealthiest man, Li Ka-shing, is the owner of FWD Group. Photo: Edmond So

FWD first filed a listing application to the Hong Kong stock exchange in February 2022 but decided to postpone it three months later because of market volatility. It refiled in March last year but once again shelved the plan, in September, due to market uncertainties.