FWD Group, an Asian insurer controlled by Hong Kong billionaire Richard Li, is planning to re-file an application in March for a Hong Kong listing as early as the second quarter, said people with knowledge of the matter.
FWD first filed for a Hong Kong IPO in February last year and won listing approval in May for an about US$1bn float. However, the company put the deal on hold amid challenging market conditions.
FWD re-filed a listing application in September last year after the first filing expired. The September filing is about to expire in March.
Morgan Stanley, Goldman Sachs, CMB International and JP Morgan are the sponsors, and HSBC is the financial adviser.
FWD declined to comment.
FWD posted an adjusted net loss of US$333m in the first half of 2022, compared with a profit of US$177m 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 in 2022 and may record net losses in future periods as it continues to expand its business scale and presence and incur related costs.
It raised US$1.625bn from a pre-IPO round last year which sources familiar with the situation said values the company around US$9bn. Apollo, Canada Pension Plan Investment Board, Li Ka Shing Foundation, Siam Commercial Bank and Swiss Re were among the investors.
On Monday, FWD said the company would enter the Malaysian life insurance market by buying a 70% stake, together with a group of investors, in Gibraltar BSN Life.