HONG KONG, Nov 10 (Businesshala) – Asian insurer FWD Group, controlled by Hong Kong billionaire Richard Lee, is considering moving its $2-$3 billion share sale from the United States to Hong Kong, according to the matter direct. Two sources with information said.
Sources told Businesshala that the Hong Kong-based company, which confidentially filed for a New York initial public offering (IPO) in June, is considering a switch between delays in investigating the plan by US regulators and lack of interest from investors. has been
An FWD spokesman declined to comment on Wednesday when asked by Businesshala about a possible change in the listing location.
The insurer is yet to get permission from US regulators for its IPO to go ahead with its IPO before the end of the year, a timetable that sources had marked earlier.
One source said the delay raised concerns that approvals would not be granted, while another source cited low interest from investors.
Two sources said the delayed approval process has prompted FWD and its advisors to consider returning to Hong Kong for their market debut.
FWD has faced questions from the Securities and Exchange Commission over its mainland China ties and has been treated by officials as a Chinese business rather than a Hong Kong entity, one of the sources and a third person said.
Three sources could not be named as the information has not been made public yet. (Reporting by Scott Murdoch, Julie Zhu and Ken Wu in Hong Kong; Editing by Sumeet Chatterjee and Jane Wardell)