Business News

FWD Hong Kong FWD Richard Li FWD earns $ 3bn US US IPO

FWD, an Asian insurer founded by Hong Kong’s wealthy son, Li Ka-shing, has issued a document to the US for the first time on the list to be one of the biggest in the year.

The company founded by Richard Li in 2013 said on Thursday that it had secretly provided IPO filters to the U.S. Securities and Exchange Commission. This allows them to submit documents to the SEC before sending the documents to the public.

FWD said the number of U.S. stocks to be awarded and the amount of IPO prices was not yet known and when the site would be approved. But the company could claim $ 2-3bn from the sale, according to people who know this.

FWD has grown exponentially in Asia, rapidly spreading networks in 10 countries including Japan, the Philippines, Vietnam, Singapore, Malaysia, Thailand and Cambodia.

The insurance broker has about 10m clients, more than $ 63bn and about 6,100 employees and 33,000 agents.

Richard Harris, chief financial officer at Port Shelter Investment Management in Hong Kong, said FWD “has been very successful [in market share] because it has great power behind it ”.

As with Cheung Kong’s Li Ka-shing, FWD “sees industry well and sells it well,” Harris said.

He also said it was “exciting” that the insurance company decided to register in New York in Hong Kong, but US retailers “will be impressed [in FWD] and it seems to be slowly melting away and considering Chinese companies – and this will be known in New York as a Chinese company “.

Li started FWD and earned $ 1.2bn for ING’s pension and insurance business in Thailand, Hong Kong and Macau. The growth path of Huynh Thanh Phong, FWD’s chief executive, has focused on integrating into new Asian markets using technology to reduce the complexity and complexity found in companies in the region.

The group has swallowed up rivals as militant groups that have done so have returned to the region, including MetLife Business in Hong Kong and an insurance business in Thailand Siam Business Council, the most commonly exploited of these companies in Southeast Asia.

“[SCB was] an economy that everyone wants to pursue, ”Phong adauza Financial Times in an interview this year. FWD finally acquired SCB at around Bt93bn ($ 3bn) in 2019, giving it 36% of the market share in Thailand for sure, significantly higher than the next three combined groups.


Source link

Related Articles

Leave a Reply

Back to top button