Morgan Stanley are leading the transaction, they said.
IFR reported in February FWD was considering a listing in the US or Singapore in order to maintain a dual-class shareholding structure.
FWD has been working towards a Hong Kong IPO of up to US$3bn in mid-2021, IFR reported in September. That option, however, may not be compatible with its intended capital structure, people with knowledge of the matter told IFR at the time.
Hong Kong’s listing rules only permit weighted voting rights for innovative companies. FWD does not fully fit the exchange’s definition of that category, said the people.
Billionaire Richard Li s FWD Files For $3 Billion IPO In U S
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Hong Kong tycoon Richard Li s FWD files for U S listing
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