Fuwei Group is a rapidly growing pan-Asian life insurance company.
The Zhitong Finance App learned that Li Zekai's FWD Group (FWD Group) has reportedly restarted its listing plan in Hong Kong. The IPO valuation target may be as high as $9 billion (approximately HK$70.2 billion), depending on market conditions, the transaction schedule and issuance scale are yet to be determined. A FW spokesperson said that FW currently has no valid listing application and has not made a decision to re-apply at this stage, but of course it will continue to closely monitor the development and state of the capital market.
Fuwei Group submitted an IPO application to the Hong Kong Stock Exchange for the third time in March last year, but there are reports that due to fluctuating market conditions, it is expected that it will not re-submit the listing application in the short term due to abandoning the target of listing within the last year.
According to data, Fuwei Group is a rapidly growing pan-Asian life insurance company, providing customers with dividend life insurance, non-dividend life insurance, medical insurance, investment-linked life insurance, group insurance and other life insurance products. The company operates in ten markets of Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia.
On May 29, Fuwei Group announced its results for the first quarter ended March 31, 2024. The performance was steady. The value of new business in the first quarter increased 17% year-on-year to US$215 million, and new business sales increased 10% year-on-year to US$460 million.