(C) Reuters. FILE PHOTO: Richard Li, Hong Kong businessman and younger son of tycoon Li Ka-shing, waves as he arrives to vote during the election for Hong Kong’s next Chief Executive in Hong Kong, China March 26, 2017. REUTERS/Bobby Yip
(Reuters) – Insurance company FWD Group Holdings Ltd, owned by Hong Kong billionaire Richard Li, made its filing for a stock market listing in the United States public on Thursday, revealing a jump in revenue last year.
The insurer, which will list through an initial public offering, posted revenue of $9.49 billion last year. FWD also said its net loss applicable to shareholders narrowed to $243 million in the year ended December 31, 2020, compared with a $278 million loss a year earlier.
The company had confidentially filed for the listing in June. FWD has not yet set the terms for its IPO, but Reuters had reported https://www.reuters.com/business/hong-kong-tycoon-richard-lis-fwd-files-us-listing-2021-06-17 it could raise between $2 billion and $3 billion, valuing the company between $13 billion and $15 billion.
Richard Li is the son of Hong Kong’s richest man Li Ka-Shing. FWD’s foundation was laid in 2012 with the acquisition of ING’s Hong Kong, Macau and Thailand units for $2.1 billion, and it has since continued this bolt-on approach.
The company’s major acquisitions include its $3 billion purchase of Siam Commercial Bank (OTC:SMUUY)’s life insurance unit in Thailand in 2019, just days after agreeing to buy the Hong Kong operations of U.S. insurer MetLife Inc (NYSE:MET).
Hong Kong tycoon Richard Li’s FWD makes U.S. IPO filing public
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