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Richard Li’s FWD Plans Up to $3 Billion Hong Kong IPO

  • FWD’s share sale could take place as soon as next year
  • Firm has been on an acqusition spree in recent years in Asia
Updated on

FWD Group Ltd., the Asian insurer backed by billionaire Richard Li, has picked banks for its planned Hong Kong initial public offering that could raise as much as $3 billion, according to people familiar with the matter.

FWD has selected Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley to work on the potential share sale, said the people, who asked not to be identified as the information is private. HSBC Holdings Plc is also working on the offering, which could take place as soon as next year, the people said.