港股“跳楼机”？ 1个月，富卫集团快要跌回发行价

Core Viewpoint - The article discusses the volatile stock performance of FWD Group since its IPO, highlighting the impact of market conditions and company performance on its share price [3][5][6]. Group 1: Stock Performance - FWD Group's stock price has experienced significant fluctuations, starting from an IPO price of 38 HKD per share, with initial trading below this price [3][5]. - After a brief surge of nearly 30% in late August, the stock price fell sharply, nearing the IPO price again, indicating a volatile trading environment [5][6]. - The stock's performance is closely tied to its financial results and market sentiment, with a notable drop following the release of its mid-year results [6]. Group 2: Financial Performance - FWD Group reported a net profit of 47 million USD in its first interim results, which initially boosted investor confidence [6]. - However, forecasts from Goldman Sachs suggest a full-year net profit of only 36 million USD, indicating potential challenges in the latter half of the year [6][8]. - The company has a history of significant losses, with a reported loss of 716 million USD in 2023, primarily due to adverse capital market conditions [8][9]. Group 3: Business Strategy and Debt - FWD Group has pursued an aggressive growth strategy funded by debt, resulting in a debt ratio of 87.31% in 2024, which may impact future profitability [9]. - As of April 30, 2025, the company had 2.786 billion USD in borrowings, including various forms of debt, which poses risks to its financial stability [9]. - The company acknowledges the need for ongoing investment to meet operational and regulatory requirements, which may lead to continued losses if new revenues do not cover expenses [8][9]. Group 4: Market Presence and Customer Base - FWD Group has expanded its operations from three initial markets to ten, including significant markets in Asia [9][10]. - Despite not operating in mainland China due to regulatory constraints, the company has seen substantial business contributions from mainland visitors, with new business sales increasing significantly from 2022 to 2024 [10].