Core Viewpoint - The company, FWD Group, is attempting its fourth IPO in Hong Kong, with claims of turning profitable in 2024 and securing $250 million from cornerstone investors, including a Middle Eastern sovereign fund and Japan's SOMPO Group [2][8]. Financial Performance - FWD Group has continued to report losses in 2023, with total liabilities exceeding 190 billion RMB, raising questions about its ability to achieve profitability [3][6]. - The company’s growth has primarily relied on acquisitions and expansion, which may be unsustainable in a high-interest rate environment [6][10]. Market Position and Strategy - Founded by Li Ka-shing in 2013, FWD Group aims to establish a localized insurance group in Asia, particularly in Southeast Asia [5]. - The company has entered ten markets over the past decade, but faces challenges due to varying insurance penetration rates, regulatory policies, and customer behaviors across these regions [6][13]. Investment Dynamics - The recent investment from the Middle Eastern and Japanese firms is seen as a strategic move to leverage the potential of the Asian insurance market, but it also reflects a capital exchange rather than a straightforward investment [8][10]. - The company’s complex business structure across different markets complicates its ability to achieve economies of scale and customer loyalty [13]. IPO Outlook - The IPO could provide short-term relief by reducing debt and stabilizing ratings, but it does not fundamentally address the company's profitability issues [16]. - If the IPO valuation is low, it may lead to a rapid decline in stock price, complicating future financing efforts [17]. - The current weak market conditions raise concerns about investor willingness to engage with a high-debt, low cash flow company like FWD [19].

富卫集团股票在香港暗盘市场交易中一度下跌6.6%。富卫集团定于下周一在香港挂牌交易。 ...

彭博援引交易文件，富卫集团在香港首次公开招股(IPO)中以每股38港元的价格，发行9130万股股份， 融资4.45亿美元。预计7月7日开始挂牌交易。 ...

富卫集团香港IPO散户部分获37倍超额认购。（香港信报） ...

Core Viewpoint - FWD Group Limited is currently conducting an IPO, aiming to raise approximately HKD 29.53 billion to enhance its capital levels and support growth initiatives [5] Group 1: IPO Details - FWD Group plans to offer 91.34 million shares at an issue price of HKD 38 per share, with 10% allocated for public offering and 90% for international offering [1] - The IPO subscription period is from June 26 to July 2, 2025, with shares expected to start trading on July 7, 2025 [1] - The company has secured cornerstone investors including Abu Dhabi sovereign fund's asset management company MC Management and Japan's T&D Life Insurance, with a total subscription amount of USD 250 million [1] Group 2: Market Opportunity - The total underwriting premium for the life insurance market is projected to grow from approximately USD 407 billion in 2023 to USD 579 billion by 2033, indicating significant market potential [2] - FWD Group's distribution channels include bancassurance, agents, brokers, and independent financial advisors, contributing 46.6%, 15.2%, 31.8%, and 6.5% respectively to new business value in 2024 [2] Group 3: Financial Performance - The company has experienced significant fluctuations in performance, with net insurance and investment results of approximately USD 493 million, USD 47 million, and USD 911 million for the years 2022, 2023, and 2024 respectively [2] - Corresponding net profits for the same years were -USD 320 million, -USD 717 million, and USD 10 million [4] Group 4: Debt and Financial Health - As of April 30, 2025, FWD Group has total borrowings of USD 2.786 billion, including USD 989 million in bank loans and USD 1.479 billion in subordinated notes [4] - The company also has outstanding perpetual securities with a face value of USD 950 million and a book value of USD 759 million [4] Group 5: Use of IPO Proceeds - The net proceeds from the IPO will be utilized to enhance the capital levels under the insurance group regulatory framework and to provide growth funding for operational entities [5]

6月30日，李嘉诚次子李泽楷控股的富卫集团，进入认购的最后时限。 根据富卫集团早前公布的招股公告，计划全球发售9134.21万股，其中香港公开发售占10%，国际发售 占90%，另有15%的超额配股权，认购将在7月2日结束。 按照38港元的每股定价，富卫集团此次募资总额约为34.71亿港元。如果进行15%的超额配售，募资总 额可以达到39.92亿港元。 富卫集团是李泽楷旗下的保险企业，李泽楷及其公司共持股66.45%的股票以及30%以上的投票权。 2013年2月，李泽楷通过起创立的电讯盈科收购了荷兰国际集团在中国香港、中国澳门和泰国的保险业 务，并在当年7月正式更名为成为富卫集团，成为一家泛亚洲的保险企业。 成立多年的富卫集团，早已做好上市准备，2021年时就曾向纽交所进行上市申请，但数月后便自行撤 回。随后，富卫集团转投至李泽楷更熟悉的港股市场，从2022年开始，先后3次向港交所提请IPO，然 而均悉数折戟。 富卫集团铁了心的要进入资本市场，在今年5月第四次对港股IPO之后，终于通过聆讯，终于距离登陆 港股仅剩临门一脚。 如果富卫集团顺利募资，并如愿在7月7日登陆港交所，那么届时李泽楷手上手握4家港股上市企业 ...

2015年官媒喊出《别让李嘉诚跑了》，2019年李嘉诚在香港报纸头版刊登"黄台之瓜，何堪再摘"，2025年李嘉诚准备将巴拿马运河两端的港口卖给贝莱 德，受到监管部门的强力制止和媒体批评，至此李超人的爱国港商人设彻底崩了，抛开老李头立场不谈，这精明的老商人说自己一辈子没做过蚀本生意， 这话倒是不假。 2021年6月30日，李嘉诚旗下的和黄医药在香港上市，在此之前和黄医药已经在美国上市，这次是中概股回港二次上市，由于美股和港股的股票可以相互 转换，所以不存在套利空间，历史上回港二次上市的中概股表现平平，也就没有引起大家的关注。 还有一个原因就是当时另一只热门新股奈雪和和黄医药同时招股，大家都去打奈雪了，有64万人申购，而和黄医药冷冷清清只有2.1万申购，两者差距不 是一般的大。 预期一致就反转，谁知道上市首日大热门奈雪股价崩了，打新人亏的直骂娘，反观和黄医药每股定价40.1港元，盘中股价最高涨到85.8港元，涨超110%， 最后收涨50%。 | 发行价 | 每手价值 | 上市价值 | | --- | --- | --- | | (HKD) | (HKD) | (HKD) | | 12.50% | | | | | ...