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2021-09-24
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Apollo Unit Backs Hong Kong Insurer FWD’s $3 Billion U.S. IPO
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The share sale will be conducted at the same price as FWD’s planned initial public offering.</p>\n<p>Mr. Li is one of the two sons of Hong Kong’s richest man, Li Ka-shing. He built up FWD in recent years through a string of deals, including buying the Hong Kong unit of American insurerMetLifeInc.last year.</p>\n<p>The filing, made to the Securities and Exchange Commission on Thursday, expands on a draft IPO filing made in June. It didn’t specify the timing of the offering or how much FWD intends to raise.</p>\n<p>In June, a person familiar with the matter told The Wall Street Journal that FWD plans to raise $2 billion to $3 billion, with a valuation of up to $15 billion.</p>\n<p>Asia’s rapidly growing insurance markets have given rise to some of the world’s most valuable insurers, such as Hong Kong-listedAIA GroupLtd., which is worth about $137 billion, according to S&P Global Market Intelligence.</p>\n<p>FWD, which manages more than $62 billion in assets, is the insurance business of Mr. Li’s private-investment company, Pacific Century Group. It was founded in 2013 when it acquired some Asian assets fromING Groep,and has since grown across Asia. It entered Malaysia in 2019 and Cambodia in 2020. Last year, it bought businesses in Vietnam, Indonesia and Hong Kong.</p>\n<p>Entities with ties to Mr. Li have indicated their interest in investing up to $500 million in the IPO, FWD said. These include the Li Ka Shing Foundation, where Richard Li is a board director;PCCWLtd., the Hong Kong telecommunications operator that he chairs; and Pacific Century Group itself.</p>\n<p>The company’s preferred measure of profitability, adjusted operating profit before taxes, jumped 56% from a year earlier in the first six months of this year to $106 million. Net premiums and fee income rose 36% to $4.85 billion over the same period.</p>\n<p>FWD plans to list American depositary shares on the New York Stock Exchange and will use proceeds from its share sales to repay debt, fund acquisitions and investments, and meet working capital needs.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apollo Unit Backs Hong Kong Insurer FWD’s $3 Billion U.S. IPO</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApollo Unit Backs Hong Kong Insurer FWD’s $3 Billion U.S. IPO\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-24 18:21 GMT+8 <a href=https://www.wsj.com/articles/apollo-unit-backs-hong-kong-insurer-fwds-3-billion-u-s-ipo-11632478192?siteid=yhoof2><strong>The Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Asia’s growing insurance markets have given rise to some of the world’s most valuable insurers.\n\nHong Kong tycoon Richard Li’s FWD Group Holdings landed a $400 million investment as part of the Asian ...</p>\n\n<a href=\"https://www.wsj.com/articles/apollo-unit-backs-hong-kong-insurer-fwds-3-billion-u-s-ipo-11632478192?siteid=yhoof2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/apollo-unit-backs-hong-kong-insurer-fwds-3-billion-u-s-ipo-11632478192?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139200710","content_text":"Asia’s growing insurance markets have given rise to some of the world’s most valuable insurers.\n\nHong Kong tycoon Richard Li’s FWD Group Holdings landed a $400 million investment as part of the Asian insurer’s plans for a multibillion-dollar U.S. listing.\nThe capital will come via a private placement to a unit ofAthene HoldingLtd.ATH3.21%,an insurance companybacked by U.S. investment giantApollo Global ManagementInc.,APO3.11%according to a filing. The share sale will be conducted at the same price as FWD’s planned initial public offering.\nMr. Li is one of the two sons of Hong Kong’s richest man, Li Ka-shing. He built up FWD in recent years through a string of deals, including buying the Hong Kong unit of American insurerMetLifeInc.last year.\nThe filing, made to the Securities and Exchange Commission on Thursday, expands on a draft IPO filing made in June. It didn’t specify the timing of the offering or how much FWD intends to raise.\nIn June, a person familiar with the matter told The Wall Street Journal that FWD plans to raise $2 billion to $3 billion, with a valuation of up to $15 billion.\nAsia’s rapidly growing insurance markets have given rise to some of the world’s most valuable insurers, such as Hong Kong-listedAIA GroupLtd., which is worth about $137 billion, according to S&P Global Market Intelligence.\nFWD, which manages more than $62 billion in assets, is the insurance business of Mr. Li’s private-investment company, Pacific Century Group. It was founded in 2013 when it acquired some Asian assets fromING Groep,and has since grown across Asia. It entered Malaysia in 2019 and Cambodia in 2020. Last year, it bought businesses in Vietnam, Indonesia and Hong Kong.\nEntities with ties to Mr. Li have indicated their interest in investing up to $500 million in the IPO, FWD said. These include the Li Ka Shing Foundation, where Richard Li is a board director;PCCWLtd., the Hong Kong telecommunications operator that he chairs; and Pacific Century Group itself.\nThe company’s preferred measure of profitability, adjusted operating profit before taxes, jumped 56% from a year earlier in the first six months of this year to $106 million. Net premiums and fee income rose 36% to $4.85 billion over the same period.\nFWD plans to list American depositary shares on the New York Stock Exchange and will use proceeds from its share sales to repay debt, fund acquisitions and investments, and meet working capital needs.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":409,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":18,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/861835790"}
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