Xiaoxiaochao loves the insurance industry
Foreign news agency FWD Group decided to IPO in the United States in the third quarter. (Profile picture)
Li Zekai’s insurance company “FWD Group” (FWD) has been circulated for a long time. It has been reported that Hong Kong and Singapore are both under consideration, but Bloomberg has just quoted the news that it should have decided to list the company in the United States in the third quarter. .
The listing target raises approximately US$3 billion, or HK$23.4 billion. According to reports, Xiao Xiaochao did not choose to list in Hong Kong because he requested “same shares with different rights,” but the Hong Kong Stock Exchange (388) insisted that this only applies to new economy companies, and the “FWD Group” is not suitable.
In 2012, Li Ka-shing talked about his “clone family” plan at a press conference. The eldest son Li Zeju took over the listed kingdom of the “Changhe Department”, and Li Zekai received funding to support the acquisition of businesses, mainly businesses that were not involved in the “Changhe Department” .
I remember that in the 1990s, the two sons of the Li family entered the “Cheung Kong Industrial” and “Hutchison Whampoa” respectively. People thought that the future “clone house” method would be one person controlling one room. Who knows that Superman is really Superman. Over the past 30 years, he has conquered the city and made countless money. In addition to the “Changhe Department”, there is also a “Li Ka-shing Foundation” as a private property that does not divide property and always does good deeds. With billions of financial resources to fund the second son to start a business, the eldest son can dominate the “Changhe Department.”
Li Zekai’s main investments are information technology, including the media, such as PCCW (008) and Hong Kong Telecom (6823), and the insurance industry.
Li Zekai has always had a soft spot for the insurance industry, and his investment taste is the same as that of Buffett. In 1991, Cha he borrowed money from his father to invest in “Satellite TV,” and sold it to Murdoch two years later, with a profit of several billion yuan.
In 1994, he used this part of the cash to purchase “Pengli Insurance”. The most famous one was Yang Fancheng, the “Godfather of Insurance”, who was pried from “National Health Insurance”, and he brought more than 600 brokers to move. In 1999, he changed its name to “Yingke Insurance”, and listed it, sold it to Belgium’s “Fortis Group” for 3.5 billion yuan in 2007, just avoiding the financial tsunami.
In 2013, Li Zekai entered the insurance industry again and bought the Hong Kong, Macau and Thailand insurance businesses of “ING” for US$2.14 billion. After the integration, it was renamed “FWD Group”.
Later, he successively acquired 3 insurance companies with a total cost of 45 billion yuan. The current assets under management are 50.9 billion U.S. dollars, with 7.5 million customers and 6,200 employees. For example, based on a listed valuation of US$15 billion, or 117 billion yuan, the appreciation is about one and a half times.
Source: https://www.am730.com.hk/column/Finance/Xiao Xiaochao Special Love Insurance Industry-272643