Richard Li's FWD Group successfully debuts on Hong Kong Stock Exchange

In June 2025, FWD Group, an insurance company headquartered in Hong Kong, successfully debuted on the Hong Kong Stock Exchange, ending nearly five years of efforts to go public. The company set its initial public offering (IPO) price at HK$38 per share, raising approximately HK$3.47 billion, with the shares closing nearly flat on their first day of trading at HK$38.25, resulting in a market capitalization of about HK$48.8 billion. Richard Li, majority owner through his Pacific Century Group, holds a stake valued at $4.1 billion. FWD Group's IPO was completed after several previous applications that lapsed due to unfavorable market conditions or were retracted amid tightening regulatory scrutiny. This was the company's fourth attempt at securing a listing, with its initial applications dating back to early 2022. The successful listing signified a pivotal moment for the firm, highlighting the increased investor interest in Hong Kong and its reputation as a competitive listing venue for both local and international firms, especially amidst shifting geopolitical landscapes. Founded in 2013, FWD serves around 30 million customers across ten Asian markets like Japan, Singapore, and Thailand. The company has reported its first full year of profitability for the year ending December 2024, with a total net profit after tax of $24 million and total assets reaching $53.7 billion, indicating a solid financial foundation and growth trajectory. Li also emphasized the importance of the IPO for the company’s customers and partners while indicating plans to use the raised funds for capital enhancement and potential debt reduction. As the Hong Kong market witnesses a resurgence in IPO activity, FWD's debut comes at a significant time, as the exchanges saw 41 listings, raising over HK$104 billion from the beginning of 2025 through late June. The broad interest in new listings reflects a shift where many firms are choosing to pivot to Hong Kong from the U.S. market in response to ongoing U.S.-China tensions, further solidifying Hong Kong's status as a primary global financial hub.