Asian insurer FWD group is reportedly contemplating a shift of its IPO – valued at up to $3 billion – from the U.S. to Hong Kong.
The insurance arm of Hong Kong tycoon Richard Li’s Pacific Century Group is considering the switch amid delays by U.S. regulators and lackluster investor interest, according to a «Reuters» report citing unnamed sources.
FWD Group first filed confidentially in June for a New York IPO valued at $2 billion to $3 billion.
China Entity
U.S. regulators had originally flagged an approval before 2021-end, the report added, but the delay has led FWD and its advisors to consider returning to Hong Kong.
One of the sources said that the Securities and Exchange Commission questioned FWD on its mainland China ties and treated the insurer as a Chinese business rather than a Hong Kong entity.
