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Hong Kong tycoon Richard Li’s FWD raises up to $ 3 billion in US IPO

FWD, an Asian insurance company founded by the son of Hong Kong tycoon Li Ka-shing, has applied for an initial public offering in the United States, which will be one of the largest lists this year.

Launched by Richard Lee in 2013, the company said Thursday that it had secretly submitted its IPO filings to the US Securities and Exchange Commission. This allows you to submit the document to the SEC before submitting the prospectus publicly.

The FWD said the number of American Depositary Receipts offered and the price range of the IPO have not yet been determined and the timing of listing requires regulatory approval. However, according to people familiar with the situation, the company could seek $ 2 to $ 3 billion from the sale of shares.

FWD is aggressively expanding throughout Asia and is rapidly expanding its network to 10 countries including Japan, Philippines, Vietnam, Singapore, Malaysia, Thailand and Cambodia.

The insurer has approximately 10 million customers, over $ 63 billion in assets, approximately 6,100 employees, and 33,000 agents.

Richard Harris, a fund manager for Hong Kong-based Port Shelter Investment Management, said FWD “has made huge profits. [in market share] Because there is a lot of firepower behind it. “

Like Li Ka-shing’s Cheung Kong Business Conglomerate, FWD “has a strategic view of the industry and is investing very much in them,” Harris said.

He added that it was “interesting” that the insurer chose to go public in New York. On hong kongHowever, US investors said, ” [in FWD] And there seems to be a slight melting in the view of Chinese companies — and this will be recognized as a Chinese company in New York. “

Li launched FWD with a $ 1.2 billion acquisition of ING’s pension and insurance business in Thailand, Hong Kong and Macau. FWD CEO Huynh Thanh Phong’s expansion strategy focuses on using technology to combine moves into new Asian markets to reduce the paperwork and complexity common to the industry in the region. I will.

The group swallowed competitors as a rival financial group withdrew from the region. MetLife Hong Kong Business And Thai insurance business Siam Commercial Bank, The largest acquisition in the industry in Southeast Asia.

“”[SCB was] A prize that everyone wanted to chase, “said Fong. Told the Financial Times In this year’s interview. FWD finally acquired SCB for about 93 billion baht ($ 3 billion) in 2019, gaining 36% market share in Thailand from a bancassurance perspective, than the combination of the following three groups: Has also grown.

Hong Kong tycoon Richard Li’s FWD raises up to $ 3 billion in US IPO

Source link Hong Kong tycoon Richard Li’s FWD raises up to $ 3 billion in US IPO

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