Logan: shares rise as much as 84% in HK; Sino-Ocean +36%

Logan: shares rise as much as 84% in HK; Sino-Ocean +36%

Hong Kong has reclaimed its position as a leading global IPO hub, with FWD Group's successful initial public offering (IPO) serving as a significant milestone. The pan-Asian insurer, founded by Richard Li Tzar-kai, a son of Hong Kong billionaire Li Ka-shing, sold 91.3 million shares with a market capitalisation of HK$48.8 billion (US$6.2 billion) on July 2, 2025 [1].

FWD Group's journey to the stock market was fraught with challenges. The company initially aimed for a New York IPO in 2021 but faced regulatory hurdles due to political and regulatory environments turning against mainland and Hong Kong firms hoping to list in the United States [1]. The company then postponed its local IPO several times due to the Covid-19 pandemic and a slumping local market [1].

However, the Hong Kong capital market's re-rating early this year buoyed valuations, leading to the return of global investment and IPOs. This was reflected in FWD Group's successful IPO, which raised HK$3.47 billion (US$442.1 million) [2]. The local offering was oversubscribed 37 times, while the international offering was oversubscribed 2.3 times [2].

FWD Group's shares closed up 1% in its Hong Kong trading debut on Monday, reaching HK$38.4 each [3]. The company's market capitalisation stands at about HK$48.3 billion, according to FactSet [2]. Richard Li Tzar-kai, who founded FWD in 2013, remains a controlling shareholder, holding about 66.45% of the insurer's shares [2].

FWD Group's listing has contributed to what has been Hong Kong's strongest first-half IPO performance since 2021. Funds raised have risen seven-fold during the first six months of 2025 compared with the same period in 2024 [2]. Nearly 170 new IPO applications have been acknowledged so far this year, according to HKEX data [2].

References:
[1] https://www.scmp.com/opinion/comment/article/3317506/fwds-ipo-journey-charts-fall-and-rise-hong-kong-market
[2] https://www.marketwatch.com/story/insurer-fwd-group-wavers-in-hong-kong-debut-6fdc3a9c
[3] https://www.tradingview.com/news/reuters.com,2025:newsml_L1N3T401A:0-fwd-group-shares-rise-1-in-hong-kong-trading-debut/