Richard Li’s FWD Group Raises $442M in Hong Kong IPO Debut

FWD Group, an insurer founded by Hong Kong billionaire Richard Li, debuted on the Hong Kong stock market after nearly five years of attempts, raising approximately HK$3.47 billion ($442 million) from its IPO with a market capitalization around HK$48.3 billion. The stock experienced volatility on its first day, falling early before recovering to close nearly flat or slightly positive in different reports, reflecting cautious investor sentiment despite strong demand, with the local offering oversubscribed 37 times. Cornerstone investors include Mubadala Capital and Japan's T&D Holdings, underscoring international confidence in FWD's growth prospects. CEO Huynh Thanh Phong emphasized that the IPO enhances the company's capital flexibility and supports its vision to build a pan-Asian insurance business capitalizing on growing wealth and insurance demand. This listing contributes to Hong Kong's strong IPO performance in 2025, signaling the city's revitalization as a major financial hub amid a global slowdown in IPO markets. FWD's majority ownership remains with Richard Li’s Pacific Century Group, holding a 66.45% stake, maintaining control over the company as it embarks on its next growth phase.