香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司對 本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公 告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 除非另有界定，否則本公告所用詞彙與富衛集團有限公司（「本公司」）日期為2025年6月26日的 招股章程（「招股章程」）所界定者具有相同涵義。 本公告概不構成出售要約或要約購買的招攬，而在任何作出有關要約、招攬或出售即屬違法的 司法管轄區內，概不得出售任何發售股份。本公告不得直接或間接於或向美國（包括其領土及 屬地、美國任何州及哥倫比亞特區）或法律禁止有關派發的任何其他司法管轄區發佈、刊發或 派發。本公告並不構成或組成在美國或任何其他司法管轄區出售證券的任何要約或招攬購買 或認購證券的一部分。發售股份並無亦不會根據1933年美國證券法（經不時修訂）（「美國證券 法」）或適用的任何美國州證券法登記，且不得於美國境內提呈發售、出售、質押或轉讓，惟獲 豁免遵守美國證券法及適用的美國州或地方證券法登記規定或在不受其規限的交易中則另作別 論。發售股份不會於美國公開發售。發售股份乃 ...

Group 1 - The core announcement indicates that FWD Group (01828.HK) has partially exercised the over-allotment option as stated in the prospectus, involving a total of 5,001,400 shares, which represents approximately 5.48% of the total number of shares initially available for subscription before the exercise of any over-allotment option [1] - The stabilization period for the global offering has concluded as of August 1, 2025 [1]

Group 1 - The company, FWD Group (01828), announced that the over-allotment option described in the prospectus has been partially exercised by the joint global coordinators on August 1, 2025, involving a total of 5.0014 million shares, which is approximately 5.48% of the total number of shares initially available for subscription before the exercise of any over-allotment option [1] - The over-allotment shares will be issued and allocated by the company at a price of HKD 38.00 per share [1] - The over-allotment shares will be used to facilitate the partial repayment to the stabilizing agent, Morgan Stanley Asia Limited or its affiliates, for shares borrowed under a stock borrowing agreement to cover the over-allocation of 13.7013 million shares in the international offering [1] - The stabilization period for the global offering ended on August 1, 2025 [1]

Group 1 - The core announcement is about the partial exercise of the over-allotment option by the joint global coordinators on August 1, 2025, involving a total of 5.0014 million shares, which represents approximately 5.48% of the initial number of shares available for subscription under the global offering [1] - The over-allotment shares will be issued at a price of HKD 38.00 per share [1] - The over-allotment shares will be used to facilitate the partial repayment to the stabilizing price agent, Morgan Stanley Asia Limited, or its affiliates, for shares borrowed under a stock borrowing agreement to cover the over-allocation of 13.7013 million shares in the international offering [1]

除非另有界定，否則本公告所用詞彙與富衛集團有限公司（「本公司」）日期為2025年6月26日的 招股章程（「招股章程」）所界定者具有相同涵義。 本公告根據《證券及期貨（穩定價格）規則》（香港法例第571W章）第9(2)條作出。本公告僅供參 考，並不構成收購、購買或認購任何證券的邀請或要約。本公告並非招股章程。有意投資者於 決定是否投資發售股份前，應細閱招股章程有關下文所述全球發售的詳細資料。投資者應僅依 賴招股章程所載資料作出有關發售股份的任何投資決定。 本公告概不構成出售要約或要約購買的招攬，而在任何作出有關要約、招攬或出售即屬違法的 司法管轄區內，概不得出售任何發售股份。本公告不得直接或間接於或向美國（包括其領土及 屬地、美國任何州及哥倫比亞特區）或法律禁止有關派發的任何其他司法管轄區發佈、刊發或 派發。本公告並不構成或組成在美國或任何其他司法管轄區出售證券的任何要約或招攬購買 或認購證券的一部分。發售股份並無亦不會根據1933年美國證券法（經不時修訂）（「美國證券 法」）或適用的任何美國州證券法登記，且不得於美國境內提呈發售、出售、質押或轉讓，惟獲 豁免遵守美國證券法及適用的美國州或地方證券法登記規定或在 ...

Core Insights - FWD Group's listing on the Hong Kong Stock Exchange marks a significant milestone in its 12-year development and injects new vitality into the Pan-Asian insurance industry [3] - The company has established itself as a benchmark for compliance and steady development within the industry, being recognized as one of the three major international insurance groups in Hong Kong [3] - FWD Group's impressive financial performance boosts growth confidence in the Pan-Asian insurance sector, showcasing the potential of the Asian insurance market [4] - The company's commitment to "technology empowerment" provides a direction for innovative development in the industry, enhancing service efficiency and customer satisfaction [4] - FWD Group's success is expected to lead to a more prosperous development landscape for the Pan-Asian insurance industry [5] Company Overview - FWD Group has expanded its operations across 10 Asian markets, serving 30 million customers since its inception in 2013 [3] - The company has achieved a net profit of $24 million and an after-tax operating profit of $463 million in 2024, reflecting a 29% year-on-year growth [4] - In the first quarter of 2025, new business contract service margins surged by 55% to $465 million, with new business sales increasing by 46% to $679 million [4] Industry Impact - FWD Group's listing sets a standard for compliance and risk management, encouraging other insurance companies to prioritize these aspects [3] - The growth trajectory of FWD Group highlights the potential for other firms to expand their operations in the Pan-Asian region, stimulating investment in the market [4] - The company's innovative approach to product development and digital transformation is expected to inspire other insurance firms to enhance their service offerings [4]

Core Insights - FWD Group has successfully completed its IPO on the Hong Kong Stock Exchange after a challenging journey that included multiple attempts and a significant pivot from a planned US listing [1][3] - The company has expanded its operations over 12 years through acquisitions and organic growth, establishing itself as one of the top five insurance companies in Southeast Asia [3][4] Company Overview - FWD Group was founded by Li Zeqiang, who invested HKD 16.6 billion to acquire ING's insurance businesses in Hong Kong, Macau, and Thailand, marking the beginning of its growth trajectory [3] - The company operates in 10 markets and has a strong competitive position, with over 86% of its new business value coming from participating life, non-participating life, critical illness, and medical insurance in 2024 [3] Financial Performance - Despite impressive performance, FWD Group faces financial pressure with a debt ratio of 87.31% in 2024, primarily due to frequent acquisitions [3] - Fitch Ratings suggests that the IPO could alleviate financial burdens, as proceeds could be used to redeem existing debt instruments, potentially lowering the combined financial leverage ratio to 25% by the end of 2024 [3] Market Position and Future Outlook - The IPO represents a significant milestone for the insurance industry and a new starting point for FWD Group's capital operations [3][4] - With a large protection gap in Southeast Asia and digital advantages, FWD Group is poised to seize new growth opportunities in the insurance market [3][4]

Core Insights - FWD Group has successfully listed on the Hong Kong Stock Exchange, marking a significant milestone as one of the fastest-growing insurance companies in Southeast Asia, reflecting investor confidence in its pan-Asian strategy [1][2] - The IPO was impressive, with a share price set at HKD 38, resulting in a total market capitalization of HKD 48.044 billion, and the public offering was oversubscribed by 37 times, raising HKD 13.1 billion [1][2] Company Development - FWD Group's foundation was established in 2013 with the acquisition of ING's regional business for USD 2.14 billion, leading to a significant expansion through mergers and acquisitions across Southeast Asia [2] - The company has grown its market presence from 3 markets to 10, serving 30 million customers, with Southeast Asia projected to contribute over 50% of new business value in 2024 [2] Financial Performance - In 2024, FWD Group's annualized new premiums reached USD 1.916 billion, a 5.2 times increase from USD 309 million in 2014, with operating profit rising by 28.6% to USD 463 million and a net profit of USD 24 million, reversing previous losses [2] - The combination of digitalization and localization strategies has been crucial, enabling the company to achieve continuous premium growth through deep partnerships with local banks and the establishment of online service platforms [2] Strategic Vision - The CEO, Li Zeqiang, emphasized the importance of Hong Kong as an international financial center for the company's development and expressed commitment to providing quality insurance services to 30 million customers across Asia [3]

Summary of Key Points Core Viewpoint - The Hong Kong IPO market is experiencing significant activity, with multiple companies filing for listings and a notable increase in market liquidity and new listings compared to the previous year [14]. Group 1: Company Filings - Three companies submitted applications for IPOs: 1. **Shenzhen Xingyuan Material Technology Co., Ltd.** specializes in lithium-ion battery separators and holds the largest market share in dry-process separators globally, with projected revenues of 2.867 billion, 2.982 billion, 3.506 billion, and 881 million RMB from 2022 to 2025 [2]. 2. **LXJ International Holdings Limited (Laoxiangji)** operates a fast-food chain with 1,564 stores across 55 cities, achieving revenues of approximately 4.528 billion, 5.651 billion, 6.288 billion, and 2.120 billion RMB from 2022 to 2025 [3][4]. 3. **Lianqi Technology Co., Ltd.** is a leading fabless integrated circuit design company, with revenues of approximately 3.672 billion, 2.286 billion, 3.639 billion, and 1.222 billion RMB from 2022 to 2025 [5]. Group 2: IPO Activity - No companies passed the hearing last week, but one company, **Shougang Longze**, is restarting its IPO process, planning to offer 20.1598 million H-shares at a price range of 14.5 to 18.88 HKD per share [6][7]. Group 3: New Listings - Six new stocks were listed last week, including: 1. **Fuwai Group**: Closed at 38.40 HKD with a gain of 1.05% [8]. 2. **Lens Technology**: Closed at 19.84 HKD with a gain of 9.13% [9]. 3. **Dazhong Oral**: Closed at 20.70 HKD with a gain of 3.50% [10]. 4. **Xunzhong Co.**: Closed at 13.58 HKD with a gain of 0.22% [11]. 5. **Jizhi Jia-W**: Closed at 17.70 HKD with a gain of 5.36% [12]. 6. **Fortior**: Closed at 139.80 HKD with a gain of 16.02% [13]. Group 4: Market Trends - The Hong Kong stock market has seen a significant improvement in liquidity, with an average daily trading volume of 240.2 billion HKD in the first half of 2025, a 118% increase from the previous year [14]. - The number of new listings increased to 44 in the first half of 2025, up 47% from the previous year, with total fundraising amounting to 107.1 billion HKD, a 699% increase [14].

Core Insights - FWD Group successfully listed on the Hong Kong Stock Exchange on July 7, attracting significant market attention due to its strong IPO performance [1][4] - The IPO involved a global offering of 91.34 million shares priced at HKD 38.00 each, raising approximately HKD 3.471 billion, with net proceeds of about HKD 2.953 billion [1] - The subscription rates were notably high, with the public offering oversubscribed by 37.13 times and the international offering by 2.32 times, indicating strong investor confidence in the company's growth prospects [1] Company Overview - FWD Group has attracted cornerstone investments from two major institutions, Mubadala Capital and T&D Holdings, collectively subscribing to approximately USD 250 million (around HKD 1.95 billion) of the offering, representing 56.2% of the global offering shares [3] - The cornerstone investment reflects the strong backing and positive outlook from international capital players, underscoring FWD Group's significance in the global market [3] - Since its inception in 2013, FWD Group has expanded rapidly, now serving over 30 million customers across 10 markets in Asia, including Hong Kong, Macau, Japan, and Southeast Asia, driven by both organic growth and acquisitions [3] Future Prospects - The successful IPO marks a significant milestone for FWD Group and is seen as a highlight for its founder, Li Ka-shing, within his broader business empire [4] - With substantial capital raised and global investor support, FWD Group is poised to make a significant impact in the insurance sector, potentially delivering substantial returns for investors and establishing itself as a prominent player in the Hong Kong stock market [4]