Hong Kong tycoon Richard Li’s FWD delays $1bn IPO on market volatility
Insurance group FWD has delayed its $1bn Hong Kong initial public offering due to volatile market conditions, according to people familiar with the matter, the latest in a string of listings setbacks for the insurer founded by property tycoon Li Ka-shing’s son.
FWD had sought a valuation of about $9bn and was only recently approved by Hong Kong’s stock exchange to go ahead with the share sale. The company could resume listing procedures when markets become more favourable, according to the people.
FWD, which was founded by Richard Li in 2013, applied to list in the Asian financial hub in February after its attempt to list on Wall Street came under intense scrutiny from US regulators last year.