Li Ka-Shing’s Son Takes Insurer FWD Public in Hong Kong
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Richard Li, founder of FWD Group (center) gives the thumbs up with company CEO Huynh Thanh Phong (left) and Chairman Frederick Ma at the company's listing ceremony at Hong Kong’s stock exchange on Monday. Photo: Bloomberg
Hong Kong-based insurer FWD Group Holdings Ltd. — backed by billionaire Richard Li, a son of local tycoon Li Ka-shing — debuted on the Hong Kong Stock Exchange on Monday, on its fifth attempt at going public.
FWD’s shares opened flat at their IPO price of HK$38 ($4.84) and had a muted first day of trading before closing at HK$38.40 apiece, valuing the firm at nearly HK$50 billion. They closed at HK$38 on Tuesday.
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- FWD Group debuted on the Hong Kong Stock Exchange at HK$38 per share, valuing it near HK$50 billion, after four previous failed IPO attempts.
- Over half of FWD’s 91.3 million IPO shares were allocated to cornerstone investors MC Management 10 RSC Ltd. and T&D Holdings Inc.
- Hong Kong recorded 42 IPOs and HK$107 billion raised in H1 2024, its strongest first-half performance since 2021.
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Who’s Who
- FWD Group Holdings Ltd.
- FWD Group Holdings Ltd., a Hong Kong-based insurer backed by billionaire Richard Li, recently debuted on the Hong Kong Stock Exchange. This was its fifth attempt at going public, following a withdrawn U.S. IPO bid in 2021 due to U.S.-China tensions. It plans to use IPO proceeds to enhance capital and improve solvency.
- MC Management 10 RSC Ltd.
- MC Management 10 RSC Ltd. is a unit of one of Abu Dhabi’s sovereign wealth funds. It was a cornerstone investor in FWD Group Holdings Ltd.'s IPO on the Hong Kong Stock Exchange. It was allocated over half of the 91.3 million IPO shares.
- T&D Holdings Inc.
- T&D Holdings Inc. is a Japanese life insurer. A subsidiary of T&D Holdings Inc. was one of the two cornerstone investors in FWD Group Holdings Ltd.'s initial public offering in Hong Kong. Over half of FWD's 91.3 million IPO shares were allocated to these two investors.
- ING Group NV
- In 2012, ING Group NV sold its insurance businesses in Hong Kong, Macao, and Thailand to Richard Li's company, Pacific Century Group. These businesses were subsequently renamed FWD.
- Pacific Century Group
- Pacific Century Group is a company owned by billionaire Richard Li, the younger son of tycoon Li Ka-shing. In 2012, it acquired ING Group NV's insurance businesses in Hong Kong, Macao, and Thailand, subsequently renaming them FWD.
- Swiss Re Group
- Swiss Re Group, a reinsurance giant, is a major shareholder in FWD Group Holdings Ltd.
- GIC Pte. Ltd.
- GIC Pte. Ltd. is a significant shareholder in FWD, an insurer backed by billionaire Richard Li. GIC is a Singaporean sovereign wealth fund.
- Hopu Investment Management Co. Ltd.
- Hopu Investment Management Co. Ltd. is a Chinese firm listed as one of the major shareholders in FWD Group Holdings Ltd., a Hong Kong-based insurer. Richard Li's Pacific Century Group owns 66.45% of FWD's shares.
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What Happened When
- 2012：
- Richard Li bought ING Group NV’s insurance businesses in Hong Kong, Macao, and Thailand and later renamed it FWD.
- 2021：
- FWD attempted a U.S. IPO but withdrew due to heightened tensions regarding Chinese companies listed in the U.S.
- First half of 2024：
- 30 IPO offerings took place in Hong Kong in the same period.
- First half of 2025：
- 42 IPO offerings took place in Hong Kong, with funds raised reaching around HK$107 billion, surpassing the total for all of 2024.
- By July 7, 2025：
- FWD made four previous attempts at listing before its successful debut.
- July 7, 2025：
- FWD debuted on the Hong Kong Stock Exchange, opening flat at HK$38 per share.
- July 8, 2025：
- FWD shares closed at HK$38 after their second day of trading on the Hong Kong Stock Exchange.
- As of July 8, 2025：
- Richard Li controls 66.45% of FWD’s shares following the IPO.
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