PCGI Intermediate, which is FWD’s holding company, said on Thursday that it has submitted a draft registration statement to the U.S. Securities and Exchange Commission for an IPO without specifying the size or timing of the offering.
FWD has reportedly been considering raising about $3 billion through an IPO in the U.S. or Singapore that would allow it to maintain its dual-class shareholding structure. It was also said to be considering a merger with a special purpose acquisition company (SPAC) in the U.S.
Established in 2013, FWD is the insurance business controlled by Li’s Pacific Century Group. The insurer says it has $62.6 billion in assets and operates in Hong Kong, Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan, Malaysia, and Cambodia. FWD’s minority shareholders include Swiss Re AG, GIC Ventures, RRJ Capital and Hopu Investments.
Li was ranked No. 22 on the Hong Kong Rich List in February this year. Although his father, Li Ka-shing was ranked No. 1, the younger Li has established a separate business empire with interests that span financial services, technology and property. His current net worth is estimated at $4.4 billion.