Hong Kong Tycoon’s FWD Files for Hong Kong IPO

In December, FWD switched its listing venue to Hong Kong from the U.S., where it had filed for an IPO that could have raised as much as $3 billion.

(Bloomberg) — FWD Group Holdings Ltd., the Asian insurer backed by Hong Kong billionaire Richard Li, filed an application for an initial public offering in the city after U.S.-China tensions scuttled more ambitious plans for an overseas debut.

Sponsoring banks include Morgan Stanley, Goldman Sachs Group Inc., JPMorgan Chase & Co. and CMBI, according to a filing Monday with the Hong Kong Stock Exchange that didn’t specify how much it would raise. The company could seek to raise about $1 billion in a share sale this year, Bloomberg News reported earlier, citing people familiar with the matter.