FWD, the Asian insurer founded by a son of property tycoon Li Ka-shing, has filed for a Hong Kong initial public offering that aims to raise at least $1bn after its attempt to list on Wall Street came under intense scrutiny from US regulators last year.
The share sale by the rapidly expanding insurer started by Richard Li in 2013 underscores Hong Kong’s increasingly vital role as a China-friendly offshore financial centre, as US regulators apply greater scrutiny to mainland Chinese and Hong Kong companies that seek to list in New York.
FWD submitted the application for its Hong Kong listing on Monday, according to an exchange filing. People familiar with the situation said it would seek to raise at least $1bn and will price the share offer in May at the earliest.