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FWD Group keeps Hong Kong IPO plans in play with updated prospectus

FWD Group keeps Hong Kong IPO plans in play with updated prospectus

Reuters · 09/14/2022 02:11
FWD Group keeps Hong Kong IPO plans in play with updated prospectus

By Scott Murdoch

- Hong Kong insurance firm FWD Group updated its IPO prospectus on Wednesday, keeping in play its plans for a listing in the city although the documents did identify a timeline or potential deal size.

The company, 77% owned by tycoon Richard Li, has previously said it is interested in raising at least $1 billion.

An FWD spokesperson declined to comment on its IPO plans.

FWD had initially sought to raise $2 billion to $3 billion when it was seeking a New York listing in 2021. After facing a lengthy wait for U.S. regulatory approval, FWD then turned to Hong Kong but the deal was delayed in May due to volatile financial market conditions.

The prospectus was updated with some financial details.

Separate FWD filings, also lodged on Wednesday, showed it booked an adjusted first-half loss attributable to shareholders of $333 million compared with a $177 million profit for the same period a year earlier.

Operating profit surged 110.5% to $200 million on a constant exchange rate basis while the value of business, a key metric for insurance companies, rose 24.6% to $405 million.



(Reporting by Scott Murdoch in Hong Kong; Editing by Edwina Gibbs)

((Scott.Murdoch@thomsonreuters.com;))