Insurer FWD Group, backed by tycoon Richard Li, is closing in on a Hong Kong initial public offering (IPO) filing, Bloomberg reported.

The IPO filing could be lodged with the Hong Kong Stock Exchange (HKEx) as early as Monday, with the listing to take place in the first half, Bloomberg reported, citing people familiar with the matter. The company may try to raise around $1 billion, the report said.

In December, the insurance arm of Li’s Pacific Century Group had withdrawn its IPO filing in the U.S. after deciding not to proceed with a U.S. listing. Bloomberg reported the U.S. listing had been expected to raise as much as $3 billion.

U.S. IPO Plans Scuttled

The Bloomberg report said FWD declined to comment. FWD declined to comment to finews.asia.

The decision to ditch plans for the U.S. IPO came as China tightened its grip on overseas listings. In December, pressured by Chinese regulators, ride-hailing giant Didi announced its decision to delist in New York just six months after a $4.4 billion market debut and shift its listing to Hong Kong.

Finews.asia previously noted that regulatory pressures in China could dent the appetite for future overseas IPOs alongside market trading – both key sources of revenue for global banks increasingly dependent on China.

Raised Funds in December

FWD has no business in China, but larger China and Hong Kong companies face obstacles to accessing the U.S. market, Bloomberg reported.

In December, FWD Group said it raised $1.43 billion in a private placement to investors including retirement services company Athene Holding, through an investment allocated by its asset manager Apollo, Canada Pension Plan Investment Board (CPP Investments), Li Ka Shing Foundation, Metro Pacific Investments Corp., Pacific Century Group, Siam Commercial Bank PCL and Swiss Re.

Additionally, FWD had a follow-on private placement in January, raising another US$200 million from investors including Orix Corp. and Huatai Securities, bringing the total raised to$1.625 billion. 

UPDATE: This article has been updated to include FWD declining to comment and additional information about FWD's fundraising.