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Tags: Financial Markets | Infrastructure | Money | FWD | Richard Li | SEC | IPO

Hong Kong Tycoon Richard Li's FWD Turns Profitable Ahead of US IPO

Richard Li
Richard Li, chairman of FWD. (AP)

Tuesday, 16 November 2021 10:01 AM

Billionaire Richard Li-controlled FWD Group Holdings Ltd swung to a profit in the first nine months of this year, the Hong Kong-based insurer disclosed in an amended filing with the Securities and Exchange Commission (SEC) for an initial public offering (IPO) in the United States.

Revenue Up Nearly 38%

The company, a life and general insurance products issuer, reported net profit applicable to shareholders of $131 million for the nine months ended Sept. 30, compared to a loss of $306 million in the year-ago period. It said revenue jumped nearly 38% to $8.69 billion.

FWD has not yet set the terms for its IPO, but Reuters in June reported it could raise between $2 billion and $3 billion, valuing the company at around $13 billion to $15 billion.

The SEC has questioned FWD's ties to mainland China, specifically why authorities are treating the company as a Chinese business rather than a Hong Kong entity.

© 2022 Thomson/Reuters. All rights reserved.


StreetTalk
Billionaire Richard Li-controlled FWD Group Holdings Ltd swung to a profit in the first nine months of this year, the Hong Kong-based insurer disclosed in an amended filing with the Securities and Exchange Commission (SEC) for a U.S. initial public offering (IPO).
FWD, Richard Li, SEC, IPO
154
2021-01-16
Tuesday, 16 November 2021 10:01 AM
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