This has been one memorable week for tycoon Richard Li. On Monday, it was announced that his insurance company FWD Group, which operates across ten markets, including Japan, Singapore, Vietnam and Malaysia, has filed for a Hong Kong initial public offering to raise US$1 billion in funds.

The 55-year-old mogul who has a reported net worth of US$4.7 billion, owns 84 per cent of FWD Group, founded in 2013 through Li’s private investment operation Pacific Century Group, which also controls telecommunications network PCCW.

Although FWD was set to have its IPO in September in New York and originally targeted triple the deal size, Li and his team changed plans to list the company on home soil instead. This came after a year of public scrutiny from the US Securities and Exchange Commission over mainland Chinese and Hong Kong companies looking to list in New York. The roadblocks caused FWD to formally withdraw its US application in December 2021.

The Hong Kong IPO is said to be set for May 2022, and will mark the biggest listing in the city in over five months, according to a report by the Financial Times.

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