Richard Li’s FWD Withdraws U.S. IPO Plan With Pivot to Hong Kong

(Bloomberg) — FWD Group Ltd., the Hong Kong-based insurer backed by billionaire Richard Li, withdrew its U.S. initial public offering as China tightens its grip on overseas listings.

The company said in a filing Monday with the U.S. Securities and Exchange Commission that it’s “considering other alternatives” and has decided not to proceed with its New York listing. FWD is considering an IPO in Hong Kong early next year instead, Bloomberg News reported this month.