Li Ka-shing’s subsidiary to go public, does not choose AH shares in favor of U.S. stocks

Hong Kong’s richest man, Li Ka-shing’s son Richard Li, whose insurance company FWD Group (FWD) is going public, was originally rumored to consider a local listing in Hong Kong, but Bloomberg reports, citing sources, that Richard Li prefers New York as the location for the listing.

Different from the wave of Chinese stocks and new economy concept stocks abandoning the U.S. to return to the U.S., FWD does not choose AH shares and eventually favors U.S. stocks.

According to the report, Fuwei is seeking a U.S. IPO in the third quarter of this year at the earliest, with a target capital raising of about $3 billion and a valuation of more than $15 billion.

Sources close to the matter said the U.S. listing would allow Richard Li to maintain control of the Fuwei Group through his investment management firm, Pacific Century CyberWorks. The sources also revealed that Fuwei is now working with consultants to adjust its accounting records to U.S. standards and plans to file with regulators in the second quarter of this year.