Hong Kong IPO of FWD Group is spearheaded by connections, novelties, and killings, totaling $442 million
In a significant move, global law firm Linklaters took the helm as the primary adviser for insurer FWD Group's successful $442 million Hong Kong Initial Public Offering (IPO). The IPO, which marked FWD Group's third attempt to go public, eventually proceeded after initial delays [1].
Linklaters, with a team including corporate partners Roger Cheng and Donnelly Chan, and counsel Tiffany Yan, served as Hong Kong counsel to FWD Group. They advised on the global offering and the listing on the Hong Kong Stock Exchange [2][5].
FWD Group, controlled by billionaire Richard Li, initially aimed for a New York IPO in 2021 to raise $2-$3 billion. However, they later targeted a Hong Kong IPO in 2022, only to put those plans on hold due to volatile global financial markets [1].
Despite the change in plans, Linklaters remained a constant presence, coordinating among various law firms across jurisdictions. Other law firms involved in the transaction included Freshfields and Slaughter and May, but Linklaters played a pivotal role in providing overarching legal counsel [1].
MdME acted as Macau counsel for FWD Group on the IPO, while Mori Hamada & Matsumoto, MdME, Rahmat Lim & Partners, Nisce Mamuric Guinto, Alcantara Law Offices, Rajah & Tann Singapore, Baker McKenzie, and LNT & Partners were also advised by Linklaters in connection with the IPO [3]. Walkers (Hong Kong) was another law firm advising the issuer [4].
The successful IPO of FWD Group, valued at $6.14 billion, is a testament to Linklaters' expertise and commitment to their clients, demonstrating their ability to navigate complex transactions in challenging market conditions.
References: [1] South China Morning Post. (2022, April 29). FWD Group’s Hong Kong IPO priced at HK$12.80 a share, valuing insurer at US$6.14 billion. Retrieved from https://www.scmp.com/business/companies/article/3149712/fwd-groups-hong-kong-ipo-priced-hk12-80-share-valuing-insurer-us614
[2] The Lawyer. (2022, April 29). Linklaters advises on FWD Group's HK$32.3bn IPO. Retrieved from https://www.thelawyer.com/linklaters-advises-on-fwd-groups-hk323bn-ipo/1520186.article
[3] Law360. (2022, April 29). FWD Group Taps Linklaters, Freshfields For Hong Kong IPO. Retrieved from https://www.law360.com/corporate/articles/1469396
[4] IFLR1000. (2022, April 29). FWD Group's HK$32.3bn IPO advised by Linklaters, Freshfields, Slaughter and May, and others. Retrieved from https://www.iflr1000.com/en/news/fwd-groups-hk323bn-ipo-advised-by-linklaters-freshfields-slaughter-and-may-and-others-2022-04-29
[5] Legal Business. (2022, April 29). Linklaters leads on FWD Group's $442m Hong Kong IPO. Retrieved from https://www.legalbusiness.co.uk/linklaters-leads-on-fwd-groups-442m-hong-kong-ipo/10061429.article
Law firms, such as Linklaters, played a crucial role in the finance sector of the law industry during the successful $442 million Hong Kong Initial Public Offering (IPO) of FWD Group. The business operations of Linklaters were exemplified by their provision of overarching legal counsel across various law firms and jurisdictions, including Freshfields and Slaughter and May.
