BRIEF: FWD flat in Hong Kong trading debut
Insurance company FWD Group Holdings Ltd. (1828.HK) opened flat in its Hong Kong trading debut on Monday and traded within a narrow range during the day before closing up 1.05% at HK$38.40.
The company, controlled by Richard Li, son of Hong Kong’s richest man, Li Ka-shing, sold 91.34 million shares for HK$38 apiece to raise net proceeds of about HK$2.95 billion ($376 million). The public offering for local Hong Kong investors was oversubscribed by 36 times, while the international placement was oversubscribed by 1.3 times.
FWD’s insurance revenue rose from $2.41 billion in 2022 to $2.76 billion in 2023, while it reported losses of $320 million and $733 million for those two years, respectively. In 2024, its insurance revenue dipped 1.2% to $2.72 billion, but the company became profitable with net income of $24 million.
By Lau Chi Hang
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