Home » Markets » Asian insurer FWD moves to shelve U.S. IPO
Asian insurer FWD moves to shelve U.S. IPO
Fox Business Flash top headlines for December 20
Check out what’s clicking on FoxBusiness.com.
Hong Kong billionaire Richard Li’s FWD Group Holdings Ltd. has moved to withdraw its multibillion-dollar initial public offering in New York, the company said, amid rising tensions between China and the U.S.
The company, which is the insurance business of Mr. Li’s Pacific Century Group, is considering other alternatives, it said in a Monday filing. It asked the U.S. Securities and Exchange Commission to approve the withdrawal of its registration statement.
REDDIT FILES CONFIDENTIALLY FOR IPO
FWD is exploring a listing in Hong Kong, where the company has more brand recognition among consumers and potential investors, according to a person familiar with the matter. Geopolitical tensions between Beijing and Washington and how they could affect market conditions were also considerations in the decision to shelve the IPO, the person added.