Li may pump US$200m in FWD ahead of IPO

Hong Kong billionaire Richard Li Tzar-kai is weighing investing about US$200 million (HK$1.56 billion) in his insurance company FWD as part of a funding round ahead of its long-awaited listing in Hong Kong.

The initial public offering of FWD could take place as soon as 2023, the people familiar with the matter said. Other investors have shown interest in fundraising for FWD ahead of its listing, they said.

FWD refiled an application for a Hong Kong IPO in September against a backdrop of market volatility, giving the firm more time to prepare for the first-time share sale.

It could seek to raise about US$1 billion from the IPO.

Meanwhile, Shanghai Chicmax Cosmetic kicked off its retail books yesterday, aiming to raise up to HK$1.1 billion in a Hong Kong IPO. The cosmetics firm is offering about 37 million shares between HK$25.2 and HK$29.8. The minimum investment is HK$3,010.03 per board lot of 100 shares.

The Tencent (0700)-backed healthcare firm Sipai Health Technology also started book-building yesterday to raise up to HK$180 million. The minimum investment is 3,757.5 per board lot of 200 shares.

This came as three new companies had mixed performances on their debuts in Hong Kong.

Chinese internet media firm Huafang Group (3611), which owns the live-streaming platform Huajiao, closed at 12.5 percent higher after jumping more than 30 percent in its trading debut yesterday.

Meanwhile, medical device maker Gaush Meditech (2407) ended flat after dropping nearly 7 percent. Additionally, the data transmission and processing service provider Howkingtech International (2440) slumped 27 percent.