Financial connections, novelties, killings are at the forefront of FWD Group's $442 million Initial Public Offering in Hong Kong
In a significant move for the global financial market, FWD Group, an insurance company controlled by Richard Li, successfully listed on the Hong Kong Stock Exchange in 2025. The complex and significant IPO was facilitated by a multi-jurisdictional legal team, including some of the world's leading law firms.
The IPO advisors for FWD Group were LNT & Partners, Mori Hamada & Matsumoto (for the Japan-based issuer), MdME, Rahmat Lim & Partners, Nisce Mamuric Guinto and Alcantara Law Offices, Ginting & Reksodiputro (in association with A&O Shearman), and Baker McKenzie. Walkers (Hong Kong) and Conyers Dill & Pearman were also among the advisors.
FWD Group's HK$3.5 billion (US$442 million) IPO saw a unique collaboration between law firms. Linklaters and Freshfields advised the issuer, Slaughter and May advised the joint sponsors and underwriters, and Conyers provided Bermuda counsel.
Linklaters, led by corporate partners Roger Cheng and Donnelly Chan, and counsel Tiffany Yan, acted as Hong Kong counsel to FWD Group. Freshfields, with partners Arun Balasubramanian, Teresa Ko, and Grace Huang at the helm, advised FWD Group on the IPO and listing on the Hong Kong Stock Exchange. Slaughter and May, with John Moore and Jing Chen as the Hong Kong partners, acted as legal counsel for the joint sponsors Morgan Stanley and Goldman Sachs, as well as other underwriters. Conyers served as Bermuda legal counsel to FWD Group, with advice handled by Partner Peter Ch’ng and Associate Charlie Chan from their Hong Kong office.
The collaboration proved crucial, as FWD Group's journey to public listing was not without challenges. The company initially aimed for a New York IPO in 2021 to raise $2-$3 billion, but this plan was later abandoned. In 2022, FWD Group made a second attempt for a Hong Kong IPO, but it was put on hold due to volatile global financial markets.
Despite the hurdles, FWD Group persevered, and their third attempt proved successful. The listing of FWD Group was valued at $6.14 billion, marking a significant milestone for the company and its investors.
This news serves as a testament to the power of collaboration and the resilience of the global financial market. As FWD Group embarks on its new journey as a publicly-listed company, it does so with the support of some of the world's top legal minds.
Law firms, including Linklaters, Freshfields, Slaughter and May, and Conyers Dill & Pearman, played a crucial role in supporting FWD Group's successful listing on the Hong Kong Stock Exchange, marking a milestone for the company and its investors. The complex IPO process, which involved a unique collaboration between these law firms, was instrumental in overcoming the challenges FWD Group faced during their three attempts to become a publicly-listed company.
