| Stock Name | FWD |
|---|---|
| Stock Code | 01828 |
| Company Full Name | FWD Group Holdings Limited |
| Industry | 保險 |
| Principal Activities | 公司是一家泛亞洲人壽保險公司，采用以客為先及科技賦能的模式，于2013年由李澤楷先生成立，愿景是開辟屬于我們的道路，以期成為亞洲領先的保險公司。 |
| Listing Date | 2025-07-07 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 香港太古城太古灣道14號13樓 |
| Business Address (Hong Kong) | To be extracted |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | https://www.fwd.com/en/ |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | No |
| Offering Mechanism | To be extracted |
|---|---|
| Offer Price | HK$ 38.00 / shares |
| Offer Price Range | To be extracted |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | To be extracted |
| Offer Period | To be extracted |
| Global Offering Shares | To be extracted |
| HK Public Offer Shares (Initial) | To be extracted |
| Public Offer Lots (Initial) | To be extracted |
| International Placing Shares (Initial) | To be extracted |
| Offer Ratio | To be extracted |
| Total Shares Post-IPO | To be extracted |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 56.2% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,041,302,600 |
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 3,800 |
| 2 lots | 200 | HK$ 7,600 |
| 3 lots | 300 | HK$ 11,400 |
| 4 lots | 400 | HK$ 15,200 |
| 5 lots | 500 | HK$ 19,000 |
| 6 lots | 600 | HK$ 22,800 |
| 7 lots | 700 | HK$ 26,600 |
| 8 lots | 800 | HK$ 30,400 |
| 9 lots | 900 | HK$ 34,200 |
| 10 lots | 1,000 | HK$ 38,000 |
| 15 lots | 1,500 | HK$ 57,000 |
| 20 lots | 2,000 | HK$ 76,000 |
| 25 lots | 2,500 | HK$ 95,000 |
| 30 lots | 3,000 | HK$ 114,000 |
| 35 lots | 3,500 | HK$ 133,000 |
| 40 lots | 4,000 | HK$ 152,000 |
| 45 lots | 4,500 | HK$ 171,000 |
| 50 lots | 5,000 | HK$ 190,000 |
| 60 lots | 6,000 | HK$ 228,000 |
| 70 lots | 7,000 | HK$ 266,000 |
| 80 lots | 8,000 | HK$ 304,000 |
| 90 lots | 9,000 | HK$ 342,000 |
| 100 lots | 10,000 | HK$ 380,000 |
| 200 lots | 20,000 | HK$ 760,000 |
| 300 lots | 30,000 | HK$ 1,140,000 |
| 400 lots | 40,000 | HK$ 1,520,000 |
| 500 lots | 50,000 | HK$ 1,900,000 |
| 600 lots | 60,000 | HK$ 2,280,000 |
| 700 lots | 70,000 | HK$ 2,660,000 |
| 800 lots | 80,000 | HK$ 3,040,000 |
| 900 lots | 90,000 | HK$ 3,420,000 |
| 1,000 lots | 100,000 | HK$ 3,800,000 |
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 200,000 | HK$ 7,600,000 |
| 3,000 lots | 300,000 | HK$ 11,400,000 |
| 4,000 lots | 400,000 | HK$ 15,200,000 |
| 5,000 lots | 500,000 | HK$ 19,000,000 |
| 6,000 lots | 600,000 | HK$ 22,800,000 |
| 7,000 lots | 700,000 | HK$ 26,600,000 |
| 8,000 lots | 800,000 | HK$ 30,400,000 |
| 9,000 lots | 900,000 | HK$ 34,200,000 |
| 10,000 lots | 1,000,000 | HK$ 38,000,000 |
| 20,000 lots | 2,000,000 | HK$ 76,000,000 |
| 30,000 lots | 3,000,000 | HK$ 114,000,000 |
| 45,671 lots | 4,567,100 | HK$ 173,549,800 |
| HK Market Cap | HK$ 47.34B |
|---|---|
| Analysis Result | Already included in Stock Connect (both, shenzhen, shanghai) |
| Market Cap (at Offer Price) | To be extracted |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | To be extracted |
| Period-End Cash Balance | USD 1,687 million |
| Listing Expenses | ~HK$ 517,600,000 |
| Listing Expenses / Funds Raised | ~14.9% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 38.4 |
|---|---|
| First Day Open | HK$ 38.0 |
| First Day Change | 1.05% |
| First Day Volume | 20851000.0 |
| First Day Turnover | 789612000.0 |
| Use of Proceeds | 全球發售所得款項凈額用于提高保險集團監管制度下的資本水平，并為營運實體提供增長資金，用于加強我們的股本、償付能力及核心流動資金，以及建立超出適用法定要求的資本緩沖。 |
|---|
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | MC Management 10 RSC Ltd | 1,169,997,200 HKD | — | 33.70% | — | 6 months | 2026-01-07 |
| 2 | T&D United Capital Co., Ltd. | 779,999,400 HKD | — | 22.50% | — | 6 months | 2026-01-07 |
| Chairman | 馬時亨 |
|---|---|
| Company Secretary | 楊仕進 |
| Major Shareholders & Holdings | PCGI Holdings Limited(32.78%);Spring Achiever (Hong Kong) Limited(24.72%) |
|---|
市场情绪
The IPO attracted robust retail demand with an oversubscription ratio of 37.13x, indicating intense competition for shares. The reported hit rate of 0.0% appears anomalous, possibly due to data errors or an extremely low allocation rate. Clawback reallocation was activated, underscoring strong retail interest relative to the institutional tranche. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
申购档位分析
Granular tier-level allocation data (e.g., A-tail vs B-head lots) is not available, so no analysis of tier inefficiencies or winner ratios can be performed. Investors should consult the official Hong Kong IPO allocation results for details on tier-specific outcomes and broker fee comparisons. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice. Data may contain errors or omissions from source documents — verify against official HKEX filings.)
申购人群画像
Mainland China participation reached 52.5%, reflecting significant cross-border interest in this offering. The applicant base skewed male (62.1%) with an average age of 42.2 years, and Hong Kong residents made up 47.4%, indicating a balanced geographic mix typical for large financial sector IPOs. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice. Data may contain errors or omissions from source documents — verify against official HKEX filings.)
