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. Photo by Reuters
Insurer FWD Group of Richard Li, the younger son of Hong Kong’s richest billionaire Li Ka Shing, has gone public in Hong Kong after several failed attempts.
The long-awaited IPO saw FWD offer 91.34 million shares on Monday, giving the insurer a market valuation of US$6.14 billion, Reuters reported.
Richard holds a 66.45% stake in the company through his investment firm Pacific Century Group and affiliated entities, a holding now worth roughly US$4.1 billion, according to Forbes.
FWD’s shares closed their first day of trading at HK$38.25, holding steady near the issuance price of HK$38.
The debut marks a turning point for the tycoon, who had initially attempted to list the firm in New York back in 2021, only to withdraw the plan following regulatory scrutiny. Later efforts to bring the IPO home to Hong Kong were also put on hold as the city’s IPO market fell into a prolonged slump, according to Bloomberg.
But with Hong Kong equity markets recovering, Richard is now capitalizing on renewed investor appetite.
The city’s fundraising momentum has picked up sharply, with IPOs and follow-on deals raising $37.4 billion so far this year, a huge surge from just $5.1 billion over the same period in 2024 and the strongest showing since the 2021 peak.
FWD, founded by Richard in 2013, operates in 10 markets, including Hong Kong, Macau, Japan, Singapore, and Thailand, and serves a customer base of roughly 30 million, according to company filings.
It posted a net profit of US$10 million in 2024, a notable turnaround from its US$717 million loss the previous year. Its assets totaled US$53.7 billion, up 2% year-on-year.
Richard has an estimated net worth of US$5.4 billion and was ranked 19th on Forbes’ Hong Kong rich list in February. His father, Li Ka Shing, is the city’s richest man with US$39 billion in wealth.
