FWD Group, an Asian insurer controlled by Hong Kong billionaire Richard Li, has refiled for a Hong Kong IPO.
The company won listing approval in May for an about US$1bn float but put the deal on hold amid challenging market conditions.
Morgan Stanley, Goldman Sachs, CMB International and JP Morgan are the sponsors, and HSBC is the financial adviser.
FWD posted an adjusted net loss of US$101m in the first quarter, compared with a profit of US$106m for the same period of 2021.
After posting a full-year profit of US$249m in 2021, FWD said it expects to return to a net loss position in 2022 and may record net losses in future periods as it continues to grow its business scale and presence and incur related costs.
FWD raised US$1.625bn from a pre-IPO round earlier which sources familiar with the situation said values the company around US$9bn. Apollo, Canada Pension Plan Investment Board, Li Ka Shing Foundation, Metro Pacific Investments Corporation, Pacific Century Group, Siam Commercial Bank, Swiss Re, Huatai and ORIX Asia Capital were the investors.