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    601688   CNE100000LQ8

HUATAI SECURITIES CO., LTD.

(601688)
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End-of-day quote Shanghai Stock Exchange  -  05-26
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FWD Group raises $200 million in pre-IPO funding - sources

01/18/2022 | 11:13pm EDT
Richard Li, Hong Kong businessman and younger son of tycoon Li Ka-shing, waves as he arrives to vote during the election for Hong Kong's next Chief Executive in Hong Kong

MELBOURNE (Reuters) - Asian insurer FWD Group has raised $200 million in new funding ahead of its planned Hong Kong initial public offering (IPO), according to two sources with direct knowledge of the matter.

The sources could not be named as the information had not yet been made public. FWD Group declined to comment.

Two new investors, ORIX Corp and Huatai Securities Co, participated in the private placement, the sources said.

ORIX declined to comment and Huatai did not respond to a request for comment from Reuters.

The deal means the Richard Li-backed FWD Group has raised $1.6 billion in the past month after the company ditched its U.S. IPO plans.

The first capital raising of $1.4 billion valued FWD Group at $9 billion on a post money basis, sources told Reuters in December.

It now plans to carry out a Hong Kong IPO after it struggled to receive full approval from U.S. regulators to list in New York.

FWD Group had planned to raise $2 billion to $3 billion in the U.S. offering.

The company received preliminary approval in December from the Securities and Exchange Commission (SEC) to carry out a marketing roadshow to investors, but still needed full sign-off from regulators, sources told Reuters at the time.

FWD has a business presence in 10 Asian markets, according to its website.

(Reporting by Scott Murdoch in Melbourne. Editing by Gerry Doyle)

By Scott Murdoch


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
FIRST CAPITAL, INC. 0.41% 34.1 Delayed Quote.-16.14%
HUATAI SECURITIES CO., LTD. 0.30% 13.22 End-of-day quote.-25.56%
ORIX CORPORATION 1.89% 2421 Delayed Quote.1.21%
PCCW LIMITED -0.47% 4.24 Delayed Quote.7.85%
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Financials
Sales 2022 40 195 M 6 000 M 6 000 M
Net income 2022 14 201 M 2 120 M 2 120 M
Net Debt 2022 141 B 21 021 M 21 021 M
P/E ratio 2022 8,53x
Yield 2022 3,78%
Capitalization 111 B 16 600 M 16 600 M
EV / Sales 2022 6,27x
EV / Sales 2023 5,81x
Nbr of Employees -
Free-Float 53,5%
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Mean consensus BUY
Number of Analysts 16
Last Close Price 13,22 CNY
Average target price 20,03 CNY
Spread / Average Target 51,5%
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Managers and Directors
Yi Zhou President, CEO & Executive Director
Xiaoning Jiao Chief Financial Officer
Wei Zhang Chairman
Yun Li Chief Compliance Officer
Chuan Ming Chen Independent Non-Executive Director
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