Billionaire Richard Li’s FWD Group Holdings Ltd. rose in its Hong Kong buying and selling debut, reversing earlier declines, after an preliminary public providing that raised HK$3.5 billion ($442 million).
The insurer’s inventory climbed as a lot 2.1% to HK$38.80 on Monday, reversing a drop of as steep as 2.5%. It was at HK$38.40, up 1.1%, on the noon break.
The debut comes after the tycoon—son of famed Hong Kong businessman Li Ka-shing—tried to take the corporate public in New York in 2021, which was deserted after regulatory scrutiny. Subsequent efforts to listing at residence in Hong Kong have been stalled as the town’s IPO entered a protracted droop.
Now, with Hong Kong’s fairness markets rebounding, Li is seizing a extra favorable window to lift capital for the crown jewel of his enterprise empire. Traders’ sentiment has been buoyed by a wave of multibillion-dollar offers, with IPOs and follow-on choices elevating $37.4 billion to this point in 2025—the best for the reason that record-breaking 12 months of 2021 and a pointy bounce from $5.1 billion throughout the identical interval final 12 months.
“It’s been an extended journey,” FWD chief government officer Huynh Thanh Phong mentioned in a Bloomberg TV interview. “Hong Kong, as you possibly can see, is again in an enormous means, and we’re extraordinarily glad to be a part of that comeback story post-COVID.”
The town’s inventory benchmark, the Hold Seng Index, has risen about 20% for the 12 months. Insurers have been significantly scorching currently, with shares of AIA Group Ltd. and Prudential Plc every rising at the least 35% since their April lows.
Richard Li, who based the corporate in 2013, owns a 66.5% stake in FWD via varied company entities. His stake in FWD accounts for two-thirds of his $6.1 billion web value on the IPO value, in response to the Bloomberg Billionaires Index.
The insurer plans to make use of the proceeds to cut back debt, assist development and improve its digital capabilities.
