Hong Kong billionaire Richard Li’s FWD is raising more than $1.4 billion from investors to pay down debt ahead of a planned multibillion-dollar IPO
Li Ka Shing Foundation, where Mr. Li is a board director, and Mr. Li’s private-investment company, Pacific Century Group Holdings Ltd., invested as well, FWD said.
FWD is seeking to grow its business in countries across Asia, tapping into a market that has given rise to some of the world’s most valuable insurers, including Hong Kong-listed AIA Group Ltd., which is valued at about $126 billion, according to S&P Global Market Intelligence. On Tuesday, FWD highlighted its value of new business, saying it grew 45% year-over-year in the first half of 2021, and 21% year-over-year in the third quarter. The metric is a key measure of profitability.
FWD is the insurance business of Mr. Li’s Pacific Century Group. It was founded in 2013 when it acquired Asian assets fromand has since grown across Asia. It entered Malaysia in 2019 and Cambodia in 2020. Last year, it bought businesses in Vietnam, Indonesia and Hong Kong. The new Beijing stock exchange, is meant to help smaller companies get more investment to fund innovation, according to a Chinese regulator. Its debut comes even as China tightens its grip on companies seeking listings overseas. WSJ’s Anna Hirtenstein explains. Photo: Li Xin/Zuma Press
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