FWD Group has postponed its preliminary public providing (IPO) on the Hong Kong inventory trade because of unstable market circumstances, Bloomberg has reported citing unknown sources.
The pan-Asian life insurance coverage agency may push forward with the IPO when markets stablise, the sources mentioned.
Earlier this month, the billionaire Richar Li-backed insurer obtained approval for its Hong Kong IPO, Bloomberg Information has reported.
Nonetheless, FWD had not determined the timeline to launch the providing, the sources have mentioned.
FWD had deliberate to boost round $1bn by means of its Hong Kong IPO.
The insurer had filed a list software with the Hong Kong Inventory Trade in late February this yr.
Initially, FWD had deliberate to listing within the US, the place it may increase as much as $3bn.
The insurer’s US itemizing plans hit a roadblock as a result of the regulators have been involved about China extending its authority to corporations like FWD.
Hong Kong-based FWD was based in 2013 and claims to cater to 10 million prospects throughout ten markets.
Notably, based on FWD’s submitting, the insurer doesn’t have an insurance coverage enterprise in mainland China, however it’s on the lookout for alternatives to increase there.
Backed by the likes of Apollo International Administration, Canada Pension Plan Funding Board, Swiss Re, ORIX Corp, Siam Industrial Financial institution and Huatai Securities, FWD has already raised $1.6bn by way of personal placements.
China Retailers Financial institution Worldwide, Morgan Stanley, JPMorgan Chase & Co and Goldman Sachs are the joint sponsors of the insurer’s Hong Kong IPO.