TMTPOST -- FWD Group, founded by Hong Kong billionaire Richard Li, has passed the hearing for its initial public offering, according to the website of the Hong Kong Stock Exchange (HKEx).

The insurance company refiled an application to list on the exchange in May. The joint sponsors are Morgan Stanely and Goldman Sachs.

FWD’s latest application was the Hong Kong-headquartered insurer’s fourth attempt to list on its hometown bourse, and its fifth in total. Its previous attempt was in Hong Kong in March 2023, following applications in September 2022 and in February 2022. These applications all expired after their submissions due to dull market conditions.

FWD’s holding company, PCGI Intermediate, submitted a draft registration statement to the U.S. Securities and Exchange Commission for a $3 billion IPO in June 2021. PCGI later halted its IPO plan in December, as Chinese regulators increasedscrutiny of overseas listings.

Founded in 2013, FWD has about 30 million customers across 10 markets, including Hong Kong, Macau, Japan, Singapore, Thailand and Cambodia, according to the company. It reported an after-tax net profit of $24 million in the entire year ended December 2024, marking its first full year of profitability and first positive operating cash flow under the International Financial Reporting Standard (IFRS) 17’s accounting standards. Its after-tax operating profits hit $463 million, up 28.6% from 2023.

FWD’s majority shareholder is Pacific Century Group, Li’s investment company, which has interests in finance, technology and property. A son of Li Ka-shing, Hong Kong’s wealthiest person, Li set up FWD after announcing he would acquire Dutch banking giant ING Group’s insurance and pension units in Hong Kong, Macau and Thailand in late 2012. Since then, FWD has expanded through investments and acquisitions across Asia, while attracting backers such as global reinsurer Swiss Re, Singaporean sovereign wealth fund GIC and the Canada Pension Plan Investment Board (CPP Investments).