举债扩张，四度闯关，李泽楷旗下富卫集团终过港交所聆讯

Core Viewpoint - FWD Group has successfully passed the Hong Kong Stock Exchange listing hearing after multiple attempts, reflecting the ambition and challenges faced by its founder, Li Ka-shing, in building an insurance empire [2] Group 1: IPO and Market Expansion - FWD Group aims to enter the mainland China market, seeking life insurance licenses and expanding distribution channels, with a focus on the Guangdong-Hong Kong-Macao Greater Bay Area [9][10] - The company has experienced significant growth in new premium income, increasing from $309 million in 2014 to an expected $1.916 billion in 2024, representing a 5.2-fold increase [3] - The Southeast Asian market contributed over half of FWD's new business value in 2024, with Thailand being a key market [3] Group 2: Acquisition Strategy and Financial Performance - FWD Group has expanded its operations through numerous acquisitions, growing from three markets to ten across Asia over the past decade [3][4] - Despite rapid expansion, FWD reported a net loss of $320 million in 2022 and $717 million in 2023, totaling over $1 billion in losses over two years [4][11] - The company achieved a net profit of $10 million in 2024, primarily driven by a significant increase in investment returns, which surged from $359 million in 2023 to $1.262 billion in 2024, a 251.9% increase [4] Group 3: Debt and Financial Pressure - As of April 2025, FWD Group carries $2.786 billion in debt, including $989 million in bank loans and $1.479 billion in subordinated notes, which poses a long-term financial burden [6] - The company's reliance on debt for operational funding and acquisitions raises concerns about its financial sustainability and ability to generate returns for shareholders [6][11] Group 4: Competitive Landscape and Challenges - FWD's distribution channels, particularly bancassurance, contribute significantly to its new business value, but face increasing competition from local banks and insurance companies [7][8] - The company must navigate challenges in the mainland market, including regulatory compliance, local market adaptation, and brand recognition [10][11] - FWD's high-leverage expansion model contrasts with the more stable growth strategies of established competitors, raising questions about its long-term viability [5][10]