The insurer named CMB International and HSBC as overall IPO coordinators in a filing to the stock exchange on Thursday, joining Goldman Sachs and Morgan Stanley on a previously announced line-up. It followed a fresh IPO submission last week, after two previous attempts lapsed, as some investors showed interest in its prospects, sources said.
FWD, which has not disclosed the size of its fundraising or the listing timeline, plans to use the proceeds to strengthen its capital base to support its business expansion, according to its filing.
A representative for FWD declined to comment.
Li, 58, is the younger son of Hong Kong’s richest billionaire Li Ka-shing. He is joining a beeline of Chinese companies taking advantage of a buzz in the city’s stock market, following some stellar first-day winnings. They included a 16.4 per cent gain by China’s biggest electric-car battery maker Contemporary Amperex Technology, and a 37 per cent surge in Jiangsu Hengrui Pharmaceuticals, one of China’s largest drug makers.
