Li Ka-Shing’s Son Takes Insurer FWD Public in Hong Kong

FWD Group, an insurer owned by Richard Li, the younger son of Hong Kong's wealthiest billionaire Li Ka Shing, has successfully gone public in Hong Kong following multiple unsuccessful efforts.

Richard Li

The anticipated IPO witnessed FWD issuing 91.34 million shares on Monday, resulting in a market worth of US$6.14 billion for the insurer, according to Reuters.

Richard possesses a 66.45% ownership in the corporation via his investment firm Pacific Century Group and other entities, a position currently valued at approximately US$4.1 billion, as reported by Forbes.

FWD's shares concluded their inaugural trading day at HK$38.25, remaining stable close to the issuing price of HK$38.

The debut signifies a pivotal moment for the tycoon, who had sought to list the company in New York in 2021, only to retract the proposal due to regulatory examination. Subsequent attempts to relocate the IPO to Hong Kong were deferred as the city's IPO market saw a sustained downturn, as reported by Bloomberg.

With the recovery of Hong Kong equities markets, Richard is now leveraging the revived investor interest.

The city's fundraising activity has significantly accelerated, with IPOs and follow-on transactions generating $37.4 billion this year, a remarkable increase from $5.1 billion during the corresponding period in 2024 and the most robust performance since the peak in 2021.

FWD, established by Richard in 2013, functions in 10 regions, including Hong Kong, Macau, Japan, Singapore, and Thailand, and caters to an approximate user base of 30 million, as per business filings.

It reported a net profit of US$10 million in 2024, a significant recovery from its US$717 million loss in the preceding year. The assets amounted to US$53.7 billion, reflecting a 2% increase compared to the previous year.

Richard possesses an estimated net worth of US$5.4 billion and was positioned 19th on Forbes' Hong Kong wealthy list in February. His father, Li Ka Shing, is the wealthiest individual in the city, possessing a fortune of US$39 billion.