Hong Kong mogul Richard Li’s FWD releases U.S. IPO filing

Richard Li, Hong Kong businessman and youngest son of tycoon Li Ka-shing, signals as he arrives to vote in the election of the next Hong Kong general manager in Hong Kong, China on March 26, 2017 . REUTERS / Bobby Yip

September 23 (Reuters) – Insurance company FWD Group Holdings Ltd, owned by Hong Kong billionaire Richard Li, released its U.S. IPO dossier on Thursday, revealing an increase in revenues last year .

The insurer, which will be listed through an initial public offering, reported sales of $ 9.49 billion last year. FWD also said its net loss applicable to shareholders fell to $ 243 million in the fiscal year ended Dec.31, 2020, from a loss of $ 278 million a year earlier.

The company had filed a confidential listing application in June. FWD has yet to set the terms for its IPO, but Reuters said it could raise between $ 2 billion and $ 3 billion, valuing the company between $ 13 billion and $ 15 billion.

Richard Li is the son of Hong Kong’s richest man Li Ka-Shing. FWD’s foundation was laid in 2012 with the acquisition of ING’s units in Hong Kong, Macao and Thailand for $ 2.1 billion, and it has since continued this bolted approach.

The company’s major acquisitions include the $ 3 billion purchase of the life insurance unit of Siam Commercial Bank (SCB.BK) in Thailand in 2019, just days after agreeing to buy out the business of Hong Kong from US insurer MetLife Inc (MET.N).

Morgan Stanley, Goldman Sachs (Asia), JP Morgan, HSBC and CMB International are the subscribers of the offer.

Report by Niket Nishant in Bangalore; Editing by Krishna Chandra Eluri

Our Standards: The Thomson Reuters Trust Principles.

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