Tycoon Richard Li’s $2 Billion Insurance IPO Is Said to Stall
- FWD listing hurt by increasing scrutiny from U.S. regulators
- Apollo affiliate among firms that agreed to buy FWD shares
This article is for subscribers only.
Billionaire Richard Li’s U.S. initial public offering of his Asian insurance group, FWD Group Holdings Ltd., is stalling amid regulators’ increasing unease over the long arm of the Chinese government, people with knowledge of the matter said.
The acquisitive insurer so far hasn’t been able to secure final approval from the U.S. Securities and Exchange Commission for the listing, the people said, asking not to be identified because the information is private. The SEC has been asking the company about risks such as whether the Chinese government could extend its authority to Hong Kong-based firms like FWD, the people said.