Equity

Mubadala Capital is anchoring FWD Group’s Hong Kong IPO with a US$150 million investment, as the insurer looks to raise around US$500 million in a deal led by Morgan Stanley and Goldman Sachs.

Hong Kong stocks and listings have performed well since the start of the year as depressed valuations and budding confidence has shifted capital away from US stocks; more listings this week show the momentum is here to stay, despite tariff uncertainty.

McLean, currently head of Citi's global asset managers, Apac financial sponsors business, will relocate from Singapore to Sydney.

A core product for Type 2 diabetes is expected to commercially launch in mainland China by the end of this year, subject to regulatory approval; CICC led the transaction.

The rapid pandemic detection system BioRadar is developed by Hai Kang Life, which FA understands is in discussions with a number of countries and investors.

The US giant will pay the money upfront for distribution rights for SSGJ-707 outside of China; the deal could be worth up to $4.8bn and Pfizer will also invest $100m into the HKEX listed firm.

The dual listing will help keep momentum in Hong Kong's equity markets, with the majority of the $4.5bn proceeds raised by the Shenzhen based global EV player set to help build a factory in Hungary; a greenshoe option takes the raising to $5.2bn.

The Hong Kong-headquartered Asian life insurer, backed by billionaire Richard Li, has made several similar filings in recent years without triggering an IPO.

Minority owner Partners Group said the IPO proceeds will be used to further grow the Hangzhou-headquartered restaurant's 493 outlets and establish a centralised food processing facility; Clifford Chance, Citi and CMB International Capital were involved in the deal.