Latest news with #FWDGroup
New Straits Times
10-07-2025
- Business
- New Straits Times
Richard Li's China insurance deal falters over port sale concerns
KUALA LUMPUR: Billionaire Richard Li's efforts to expand his insurance business into mainland China have been put on hold after Beijing reacted with fury to his father Li Ka-shing's plan to sell a suite of global ports to BlackRock, Bloomberg News reported on Thursday. Richard, business tycoon Li Ka-shing's younger son, was in advanced talks to secure an insurance license in China, the report said, citing people familiar with the matter. The discussions were suspended shortly after the port sale was announced in early March amid growing uncertainty over Beijing's stance on the deal, the report said. A deal would have given FWD Group, Li's insurance firm, long-sought access to the lucrative Chinese market, possibly through an acquisition or partnership with a mainland insurance firm, it said. Reuters could not immediately verify the report. FWD Group declined to comment. Bloomberg had reported in March that China has instructed state-owned firms to pause new deals with businesses linked to Li Ka-shing and his family after his plan to sell two ports in Panama to a BlackRock-led consortium. FWD Group raised US$442 million through an initial public offering in Hong Kong earlier this week.
Business Times
10-07-2025
- Business
- Business Times
Richard Li's China insurance expansion talks stall amid backlash to father's port sale plan
[HONG KONG] Billionaire Richard Li's efforts to expand his insurance business into mainland China have been put on hold after Beijing reacted with fury to his father Li Ka-shing's plan to sell a suite of global ports to US firm BlackRock, Bloomberg News reported on Thursday (Jul 10). Richard, business tycoon Li Ka-shing's younger son, was in advanced talks to secure an insurance licence in China, the report said, citing people familiar with the matter. The discussions were suspended shortly after the port sale was announced in early March amid growing uncertainty over Beijing's stance on the deal, the report said. A deal would have given FWD Group, Li's insurance firm, long-sought access to the lucrative Chinese market, possibly through an acquisition or partnership with a mainland insurance firm, it said. Reuters could not immediately verify the report. FWD Group did not immediately respond to a Reuters' request for comment. Bloomberg had reported in March that China has instructed state-owned firms to pause new deals with businesses linked to Li Ka-shing and his family after his plan to sell two ports in Panama to a BlackRock-led consortium. FWD Group raised US$442 million through an initial public offering in Hong Kong earlier this week. REUTERS
Yahoo
10-07-2025
- Business
- Yahoo
Richard Li's China insurance expansion talks stall amid backlash to father's port sale plan, Bloomberg reports
(Reuters) -Billionaire Richard Li's efforts to expand his insurance business into mainland China have been put on hold after Beijing reacted with fury to his father Li Ka-shing's plan to sell a suite of global ports to U.S. firm BlackRock, Bloomberg News reported on Thursday. Richard, business tycoon Li Ka-shing's younger son, was in advanced talks to secure an insurance license in China, the report said, citing people familiar with the matter. The discussions were suspended shortly after the port sale was announced in early March amid growing uncertainty over Beijing's stance on the deal, the report said. A deal would have given FWD Group, Li's insurance firm, long-sought access to the lucrative Chinese market, possibly through an acquisition or partnership with a mainland insurance firm, it said. Reuters could not immediately verify the report. FWD Group did not immediately respond to a Reuters' request for comment. Bloomberg had reported in March that China has instructed state-owned firms to pause new deals with businesses linked to Li Ka-shing and his family after his plan to sell two ports in Panama to a BlackRock-led consortium. FWD Group raised $442 million through an initial public offering in Hong Kong earlier this week. Sign in to access your portfolio
South China Morning Post
09-07-2025
- Business
- South China Morning Post
FWD's IPO journey charts fall and rise of Hong Kong market
As Hong Kong's IPO activities have come back to life, few companies making their stock debut better mirror the market's ups and downs in the past few years than FWD Group . The pan-Asian insurer founded by local tycoon Richard Li Tzar-kai has reached the end of a four-year journey after selling 91.3 million shares with a market capitalisation of HK$48.8 billion (US$6.2 billion). The home-grown firm's high-profile debut stood out amid a slew of initial public offerings by companies from the mainland. The odyssey has taken it to New York and back , followed by delays because of the Covid-19 pandemic and a slumping local market. However, that may have been a blessing in disguise given its successful initial public offering this week. FWD first hit a roadblock in 2021, when the political and regulatory environments turned against mainland and Hong Kong firms hoping to list in the United States. Washington politicians in favour of financial decoupling threatened to delist Chinese firms from US exchanges. US regulators raised questions about potential risks associated with Beijing extending control over Hong Kong firms. When Li decided to list at home, Hong Kong was in the middle of a pandemic. That and a slowdown in the Chinese economy mired the capital market, with FWD having to postpone its local IPO several times. But fortune changed with a rerating of the city's capital market early this year, which helped buoy valuations and led to the return of global investment and IPOs. Hong Kong has reclaimed the international IPO crown, with 42 mostly mainland companies having raised US$13.5 billion on the Hong Kong stock exchange in the first half of this year. The Nasdaq ranked a distant second with US$8.85 billion raised. Supportive policies on both sides of the border help excite IPO interest. Officials from the Hong Kong Monetary Authority and the government have been working to expand financial connections across Asia and the Middle East. One of FWD's cornerstone investors is Mubadala Capital, a unit of Abu Dhabi's sovereign wealth fund.
Yahoo
07-07-2025
- Business
- Yahoo
FWD Group debuts on Hong Kong Stock Exchange
FWD Group, a pan-Asian insurer backed by billionaire Richard Li, has made its trading debut on the Hong Kong Stock Exchange (HKEX) on 7 July. The shares opened at HK$38 ($4.94), matching the IPO offer price. By the close of trading, FWD shares settled at HK$38.40, as per various media sources. The insurer's IPO raised HK$3.5bn($442m) through the sale of 91.34 million shares priced at HK$38 each, valuing the company at HK$48.3bn. The insurer plans to utilise the net proceeds from the IPO to bolster its capital position and financial flexibility. The funds may be directed towards reducing debt and supporting expansion efforts, including strategies to enhance digital capabilities and increase market penetration across its operations. Morgan Stanley Asia and Goldman Sachs Asia were appointed as joint sponsors, joint global coordinators, joint bookrunners, and joint lead managers for the offering. Commenting on the debut, Richard Li said: 'FWD Group is an international team of financial professionals focused on the fastest-growing insurance market in the world – Asia. Today's listing is an important milestone for our customers, our partners and our teams across Asia, and highlights Hong Kong's continued strength as a good listing destination.' The successful listing represents FWD Group's third attempt to go public. This includes a planned New York IPO in 2021 targeting $2–3bn, which was halted due to regulatory approval delays in the US, with particular attention given to the company's ties to mainland China. Another attempt for a Hong Kong IPO in 2022 was postponed in response to volatile global financial markets. "FWD Group debuts on Hong Kong Stock Exchange " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
