FWD to postpone IPO

According to a Bloomberg report, FWD Group, the Asian insurer backed by billionaire Richard Li, has decided to postpone its Hong Kong initial public offering due to market volatility.

Last year, FWD filed for an IPO in the U.S., looking to raise $2-$3 billion. The company then decided to shift its IPO to Hong Kong after U.S. regulatory approval was delayed.

FWD shareholders include Pacific Century Group, which also owns bolttech, Swiss Re, and an investment vehicle controlled by Li and Hopu Investment Management Chairman Fang Fenglei.