Bloomberg quoted people familiar with the matter and revealed that Fuwei Group, a subsidiary of Hong Kong billionaire Li Zekai, is considering the first public offering (IPO) in Hong Kong in 2023.
According to reports, people familiar with the matter said that due to the weak market, Fuwei decided to postpone the listing in Hong Kong in May, and the company is trying to strive to sell stocks in the first quarter of next year.
People familiar with the matter also said that the insurance company has been seeking to raise about $ 1 billion through an IPO, but the final amount has not been officially determined.
According to Bloomberg report in May, after deciding to change the listing location from the United States to Hong Kong, Fuwei submitted an IPO application in Hong Kong in February.The company has previously submitted a listing application in the United States and plans to raise funds of no more than $ 3 billion.
According to the preliminary prospectus, JP Morgan Stanley, Goldman Sachs Group, China Recruitment International and Morgan Chase are the joint sponsor of Fuwei Hong Kong IPO.The documents show that in 2021, Fuwei's new business value increased by 11%to $ 686 million.
