From Breakingviews - Richard Li’s IPO delay has some credibility value
at New York. Plans in March for a Hong Kong offering were shelved amidst weak markets. Now it has updated that filing and says its measure of first-half operating profit has almost doubled since June last year.
FWD was founded in 2013 and formed from rivals’ cast-off units. It swung to net profit only in the first half of 2021, so news of further progress will be welcome and could make this deal one that actually benefits from more time out, rather than suffering from lost momentum. Investors will have to spend more time however studying the new 999-page prospectus, which has added a hefty 141 pages. The additions are mostly in appendices and relate to structure.
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