FWD drops in gray market ahead of HK debut

Insurer FWD Group, backed by billionaire Richard Li Tzar-kai, dropped as much as 9 percent in gray market trading ahead of its Hong Kong debut next Monday, implying a paper loss of HK$340 per board lot.

The shares later pared some losses to close between HK$36.5 and HK$36.75 across three platforms, 3.3 to 3.9 percent below the offer price of HK$38.

That translates to a per-lot loss of HK$125 to HK$150 for retail investors.

STAFF REPORTER