FWD (Stock Code: 1282.HK) is open for subscription from June 26 to July 2, 2025. The company plans to offer 91,342,100 shares globally (with an additional 15% over-allotment option). The offer price is set at HKD 38 per share, with a board lot size of 100 shares. The shares are expected to be listed on the Hong Kong Stock Exchange on July 7, 2025.

FWD: Pan-Asian Life and Health Insurance Provider

Offering ratio: 10% of the shares (9,134,300 shares, subject to reallocation) are reserved for the Hong Kong public offering, while 90% (82,207,800 shares) are allocated to the international offering (subject to reallocation and the exercise of the over-allotment option).

Offer price: HKD 38 per share, with a minimum investment of approximately HKD 3,838 per lot.

Offering period: June 26 to July 2, 2025

Listing date: Expected on July 7

IPO sponsors: Morgan Stanley and Goldman Sachs are the joint sponsors.

Company Profile

Founded in 2013 and headquartered in Hong Kong, FWD is an insurance platform under Pacific Century Group focusing on the Asian market. FWD operates deeply in 10 markets including Hong Kong, Macau, Thailand, Japan, Malaysia, Indonesia, the Philippines, Vietnam, Singapore, and Cambodia, serving approximately 30 million customers with over 6,900 employees and 55,000 agents. Its vision is to "change the way people feel about insurance." FWD is digitally driven, with a cloud adoption rate of 98%, more than 290 active AI models, and bancassurance and agency partnerships with 33 banks and over 50 ecosystem partners.

Financial Information

According to the prospectus and annual report, in 2024 under IFRS 17 standards, FWD achieved a net profit after tax of approximately USD 24 million, marking its first full-year profitability. Operating profit rose 29% year-on-year to USD 463 million. Annual premium equivalent (APE) sales grew 19%, and new business contractual service margin (CSM) increased 31% year-on-year. During the same period, FWD recorded total gross written premiums of approximately USD 6.6 billion and total assets of USD 53.7 billion, with a solvency ratio of around 260%, reflecting a strong capital base. Compared to a USD 717 million loss in 2023, FWD has significantly reversed its losses and achieved positive operating cash flow, laying a solid foundation of capital and funding for future expansion. The company stated that proceeds from the IPO will mainly be used to strengthen capital, repay certain debts, expand customer and channel coverage, and enhance digital capabilities in support of its pan-Asian growth strategy.

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$10 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 20 May 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for Hong Kong IPOs via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks. After logging in, tap “Trade” at the bottom‑right, choose “IPO Subscription,” select the target IPO, tap “Public Offer,” enter the share quantity and submit your order.