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Hong Kong-based insurance company, FWD Group Ltd. has canceled its plans to go public in the United States due to the tightening of the Chinese government. The company founded by billionaire Richard Li said in a filing with the US Securities and Exchange Commission on Monday that it would consider alternatives and decided not to continue operating in New York.
Meanwhile, FWD is considering an initial public offering in Hong Kong early next year. However, increasing market volatility has changed market sentiment. Earlier, Chinese and Hong Kong online transportation provider Didi Global Inc had planned to be delisted from the US stock market after losing more than half its market valuation in June trading. .
This month, FWD raised $1.4 billion in equity investments from investors including Athena Holding Ltd., Canada Pension Plan Investment Board, Siam Commercial Bank Pcl and Swiss Re AG. FWD financing stands at $9 billion, while the US IPO will put the valuation at $13 billion.
Other investors in the funding round include the Li Ka Shing Foundation of the Li family, Metro Pacific Investments Corp and Richard Li investment firm Pacific Century Group, according to a statement.
