Core Viewpoint - FWD Group, founded by Li Ka-shing's son Li Ze-kai, successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 29.53 billion with an initial share price of HKD 38, despite previous attempts to list in the U.S. and multiple failed applications in Hong Kong [1][2]. Group 1: IPO Details - FWD Group's IPO was oversubscribed with a subscription rate of 37.13 times for the public offering and 2.32 times for the international offering, indicating strong investor interest [3]. - The company secured two cornerstone investors, Mubadala Capital and T&D Holdings, raising USD 1.5 billion and USD 1 billion respectively [3]. Group 2: Financial Performance - FWD Group reported significant losses over the past three years, totaling over USD 1 billion, with revenues of USD 493 million, USD 47 million, and USD 911 million for 2022, 2023, and 2024 respectively [4][5]. - The company attributed its 2022 losses to stock market declines, while 2023 losses were linked to financial investments related to the sale of Japanese reinsurance [5]. Group 3: Market Contribution - The company's revenue contributions are primarily from Hong Kong and Macau (34.2%) and Thailand and Cambodia (32.6%), with significant growth in new business sales from mainland Chinese clients [4]. - New business sales from mainland clients are projected to grow significantly, with annualized new premiums increasing from USD 42 million in 2022 to USD 265 million in 2024 [4]. Group 4: Use of IPO Proceeds - The funds raised from the IPO will be used to enhance the capital levels under insurance group regulatory frameworks and to strengthen core liquidity and capital buffers beyond statutory requirements [6].