FWD Group made a flat trading debut in the Hong Kong stock market, as investors shrugged at the insurer’s four-year quest for a public listing, which brought it from New York back to its hometown.
Trading under the stock code 1828, FWD’s shares began trading at HK$38.00, unchanged from its offered price during its initial public offering (IPO), which raised HK$3.47 billion (US$442 million) last week.
The IPO of the insurer founded by Hong Kong billionaire Richard Li Tzar-kai will help improve FWD’s capital structure and serve a bigger pool of clients in the coming years as demand for insurance protection increases with wealth creation, according to CEO Huynh Thanh Phong.
“A successful IPO is a very important milestone for us, but it is not the end-game for us,” he said in an interview with the Post on Sunday. “The IPO gives us flexibility in capital management. It supports our vision of building a pan-Asian business that is based in Hong Kong and serves customers across Asia.”
Huynh Thanh Phong, CEO of FWD Group, pictured at FWD’s Hong Kong office in Taikoo Shing on July 6, 2025. Photo: May Tse.
The insurer sold 91.3 million shares at HK$38 each, giving the company a market capitalisation of HK$48.3 billion. About 30 per cent of the IPO shares went to retail investors, tripling the initial allocation to meet excess demand. FWD has an option to sell a further 13.7 million shares through an overallotment to the IPO managers.
The Hong Kong stock exchange’s main board hosted 42 IPOs in the first six months of this year, which generated US$13.5 billion in proceeds, making it the busiest venue globally for first-time stock offerings.
