FWD IPO Rides Hong Kong's 2025 Market Resurgence

Richard Li’s FWD Group has revived its long-delayed IPO plans, capitalizing on Hong Kong’s dramatic IPO market resurgence in 2025.

The city has raised HK$107.1 billion in the first half of the year—a sevenfold increase from 2024—making it the top global IPO destination, ahead of Nasdaq and NYSE. This timing reflects both strategic foresight and favorable conditions. Improved liquidity, government-backed reforms, and the return of international investors have restored Hong Kong’s capital market confidence. The insurance sector, in particular, is thriving, with AIA and Prudential seeing 35 percent+ gains since April, setting a positive tone for FWD’s public debut.

Key Highlights

• FWD to launch IPO amid Hong Kong’s HK$107B first-half fundraising boom
• Insurance sector momentum and 30 percent average IPO returns support strong listing outlook
• FWD’s regional expansion and digital-first model appeal to Asia’s younger markets

Founded in 2013, FWD has expanded aggressively across Asia, notably acquiring Siam Commercial Bank’s life insurance arm for $3 billion in 2019—the region’s largest insurance deal at the time. FWD has focused on digital-first insurance, simplified products, and millennial-friendly services, rapidly growing its presence in markets like Hong Kong, Thailand, and Vietnam.

The Hong Kong insurance market is forecast to grow from USD 76.15B in 2024 to USD 127.02B by 2032 (CAGR 6.8 percent), supported by rising demand for financial protection and a rebound in Mainland China cross-border travel.

Also Read: FWD Slashes IPO Valuation to $6.15B Amid Market Realities

FWD’s IPO also marks a personal milestone for Richard Li, following multiple failed listing attempts. More than 200 companies are currently in Hong Kong’s IPO queue, with the average listing yielding 30 percent returns YTD, signaling a structural—not cyclical—rebound in Asia’s financial markets.