Core Viewpoint - FWD Group, controlled by Li Ka-shing's son Li Ze-kai, is nearing its IPO on the Hong Kong Stock Exchange, aiming to raise approximately HKD 34.71 billion, potentially increasing to HKD 39.92 billion with an over-allotment option [1][2] Company Overview - FWD Group plans to issue 91.34 million shares, with 10% allocated for public offering in Hong Kong and 90% for international investors [1] - The company is primarily an insurance enterprise, with Li Ze-kai and his entities holding 66.45% of the shares and over 30% of the voting rights [1] - Established in 2013 after acquiring insurance operations in Hong Kong, Macau, and Thailand, FWD Group has been preparing for an IPO for several years, having previously attempted listings in 2021 and 2022 [1][3] Market Position and Strategy - FWD Group has expanded its operations across Asia, covering markets in Japan, Singapore, and Vietnam, with core contributions from Hong Kong, Macau, and Thailand [5] - The company has been actively trying to penetrate the mainland China insurance market since 2014 but has faced regulatory challenges, leading to a focus on cross-border business to attract mainland clients [6] Financial Performance - FWD Group has reported significant losses over the years, with a cumulative loss exceeding USD 1.35 billion over six years, only achieving profitability in two of those years [7][8] - The company’s annualized new premium increased from USD 309 million in 2014 to USD 1.916 billion in 2024, indicating a growth rate of 5.2 times [7] - Despite the growth in new premiums, the company has struggled with profitability, reporting net losses of USD 320 million, USD 717 million, and a profit of USD 10 million in the last three years [7][8] Debt and Financial Health - FWD Group's total liabilities are projected to reach USD 3.641 billion by the end of 2024, with a debt ratio of 87.31%, raising concerns about the impact on shareholders and future operations [9] - The company has expanded its market presence primarily through acquisitions, which have also contributed to its debt levels [8][9] Upcoming Developments - The IPO is set to take place on July 7, and the market performance of FWD Group will be closely monitored as it joins the ranks of other companies under Li Ze-kai's control [2][10]
富卫集团6年亏13.5亿美元，李嘉诚次子李泽楷的第4个港股上市公司来了