Richard Li’s FWD rises in HK debut, reversing earlier decline

Billionaire Richard Li’s FWD Group Holdings Ltd. rose in its Hong Kong trading debut, reversing earlier declines, after an initial public offering that raised HK$3.5 billion ($442 million).

The insurer’s stock climbed as much 2.1% to HK$38.80 on Monday, reversing a drop of as steep as 2.5%. It was at HK$38.40, up 1.1%, at the midday break.

The debut comes after the tycoon—son of famed Hong Kong businessman Li Ka-shing—tried to take the company public in New York in 2021, which was abandoned after regulatory scrutiny.