Asian insurer FWD revives its Hong Kong listing plan, while WeRide files for an initial public offering (IPO) in the US.
FWD’s third attempt at going public
Hong Kong-based insurance heavyweight FWD group has filed for an IPO in Hong Kong on March 13.
The Asia-focused insurer, backed by tycoon Richard Li Tzar-kai, is reportedly seeking $1 billion in a share sale as soon as Q2 this year, depending on the market conditions, Bloomberg reported on Tuesday, citing people familiar with the matter. The report added that the IPO funds will be used to accelerate the firm’s growth.
The listing application, which arrives eight months after Bloomberg reported that the firm decided to shelve its Hong Kong IPO application amid a market downturn, is the firm’ third attempt at going public.
In June 2021, the firm said it had filed an IPO application with US regulators, with reports pegging the offer size at up to $3 billion. Three months later, the firm withdrew its application and shifted its IPO plan to the Hong Kong stock exchange.
The firm cited its international operations across different geographical markets, fierce competition, and extensive regulation across multiple jurisdictions among some of the risk factors, according to the filing.
The firm incurred a net loss of $740 million in 2022, with a 30% drop in revenue to $8.3 billion, per the filing.
WeRide could list before Q2 this year
Guangzhou WeRide Technology has lodged an IPO application in the US seeking to raise up to $500 million, Bloomberg reported citing a source that asked not to be identified.
Although deliberations are ongoing, the listing could potentially take place before Q2 this year, per the report.
Last May, the firm snapped funding in a strategic round led by German automotive supplier Robert Bosch GmbH, without divulging the financial details.
Founded in 2017, the Guangzhou-based firm specialises in the development of Level 4 autonomous vehicles, which are considered to be fully self-driving vehicles that can handle the majority of highly complex urban driving situations independently, although the presence of a human driver is still required.
