Efforts by billionaire Richard Li to grow his insurance company, FWD Group, in mainland China have hit a roadblock. Talks to get an insurance license in China have been suspended, according to sources familiar with the matter.
The setback came after news broke in early March that Richard’s father, Li Ka-shing, plans to sell several global port assets — including two in Panama — to a group supported by U.S. investment firm BlackRock. This deal reportedly upset Beijing, which may be why Richard Li’s expansion plans have stalled.
Before the port sale news, Richard Li was in advanced talks with a Chinese insurance company to enter the mainland market through a partnership or acquisition. This move would have been a major step for FWD Group, which has long aimed to expand in China.
FWD Group made its debut on the Hong Kong Stock Exchange this week, raising HK$3.5 billion (around $446 million) in an IPO. However, the name of the Chinese firm involved in the suspended talks has not been disclosed, and the exact reason for the halt remains uncertain.
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Last reviewed by Abhishek Sharma on August 26, 2026
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