Stock Groups

Hong Kong tycoon Richard Li’s FWD makes U.S. IPO filing public By Reuters

by Mike Robinson

[ad_1]

© Reuters. FILE PHOTO. Richard Li (a Hong Kong businessman, and the younger son of Li Ka-shing), waves when he arrived to cast his vote in Hong Kong for the post of Chief Executive. The election took place in Hong Kong on March 26, 2017. REUTERS/Bobby Yip

(Reuters) – Insurance company FWD Group Holdings Ltd, owned by Hong Kong billionaire Richard Li, made its filing for a stock market listing in the United States public on Thursday, revealing a jump in revenue last year.

Last year, the insurer posted revenues of $9.49 million. FWD reported that its loss to shareholders was $243 million for the year ending December 31, 2020. This is compared to a loss of $278 million a year ago.

In June, the company confidentially applied for listing. FWD has not yet set the terms for its IPO, but Reuters had reported https://www.reuters.com/business/hong-kong-tycoon-richard-lis-fwd-files-us-listing-2021-06-17 it could raise between $2 billion and $3 billion, valuing the company between $13 billion and $15 billion.

Richard Li is the son and richest man in Hong Kong, Li Ka-Shing. FWD began its foundation in 2012 when it acquired ING’s Hong Kong Macau, Thailand and Macau operations for $2.1B. Since then, the company has maintained this bolt-on approach.

Major acquisitions by the company include the $3 billion purchase in 2019 of Siam Commercial Bank’s Thailand life insurance unit (OTC) just days after it agreed to acquire U.S. insurer MetLife Inc’s Hong Kong operations (NYSE:).

Morgan Stanley (NYSE:), Goldman Sachs (NYSE:) (Asia), J.P. Morgan, HSBC and CMB International are the underwriters for the offering.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. CFDs include futures, stocks, indexes and Forex. Prices are provided not by the exchanges. They are set by market makers. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.



[ad_2]