Asian Insurer FWD Delays Hong Kong IPO

FWD Group Holdings Ltd has decided to postpone its Hong Kong initial public offering.

The Asian insurer backed by billionaire Richard Li cited market volatility as the cause of the postponement.

The company could resume its listing plans when market conditions become favorable again.

FWD this month won approval for its Hong Kong IPO, seeking to raise about $1 billion.

Hong Kong listings have slowed down as woes tied to rising inflation, hawkish central banks and the war in Ukraine impacted IPOs globally.

FWD filed an application for the first-time share sale in February after deciding to switch its listing venue to Hong Kong from the US, where it had filed for an IPO that could have raised as much as $3 billion.

The plan hit a snag amid US regulators’ increasing unease over the long arm of the Chinese government, after a post-IPO probe of Didi Global Inc. kicked off a wide-ranging crackdown on firms listing overseas.

Morgan Stanley, Goldman Sachs Group Inc., China Merchants Bank International and JPMorgan Chase & Co. are the joint sponsors of the Hong Kong IPO.

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