Join the newsletter that everyone in finance secretly reads. 1M+ subscribers, 100% free.

FWD Group, backed by Richard Li, is gearing up for a third attempt to go public on the Hong Kong Stock Exchange as early as July, enlisting major banks like HSBC and Goldman Sachs to steer the ship.

What does this mean?

FWD Group is hoping the third time's the charm for its initial public offering (IPO) plans. With China's CMB International and industry giants HSBC, Goldman Sachs, and Morgan Stanley appointed as coordinators, the insurance firm is polishing its playbook for the Hong Kong Stock Exchange. Previous attempts in 2022 and 2023 were put on ice due to market instability, while a US listing in 2021 was foiled by geopolitical tensions. This time, FWD Group intends to channel IPO proceeds into bolstering its capital, although exact numbers and timelines remain under wraps. The company's focus on strengthening its finances shows its intent to ride out any market turbulence with its latest Hong Kong listing endeavor.

FWD's listing comes at a critical moment when Hong Kong's IPO activity has cooled due to economic strain and geopolitical tensions. This move might ignite a spark in the local market, drawing interest back to the bustling financial hub. Investors will be keen to see if FWD's insurance play can sway the market sentiment positively and encourage further listings.

The bigger picture: A bet on stability.

As FWD Group sizes up the Hong Kong market for its third listing attempt, the company's persistence echoes broader confidence in the region's financial stability and potential recovery. Navigating past geopolitical tensions and economic fluctuations, FWD's IPO could signify a resilient turnaround, offering insight into how upcoming listings might fare in volatile climates.