New stock news | Fullpower Group is reportedly planning to reapply for a Hong Kong IPO as early as September, with fundraising expected to be less than $1 billion.

According to media reports, Fubon Group may resubmit its Hong Kong IPO application as early as September, but due to the challenging market environment, the fundraising amount may be lower than the initial target of $1 billion (approximately HK$7.8 billion) set more than two years ago. Fubon Group is a rapidly growing pan-Asian life insurance company that offers dividend life insurance, non-dividend life insurance, medical insurance, investment-linked insurance, group insurance, and other life insurance products to customers. The company's business covers ten markets including China Hong Kong (and China Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam, and Malaysia. Fubon Group submitted its IPO application to the Hong Kong Stock Exchange for the third time in March last year, but reports at the time indicated that due to market volatility, the goal of listing within the year was abandoned, and it was not expected to resubmit the listing application in the short term. In June this year, there were media reports that Fubon had restarted its plans to list in Hong Kong, with a target valuation of up to $9 billion. On May 29, Fubon Group announced its first-quarter performance as of March 31, 2024, showing steady growth. The first-quarter new business value increased by 17% year-on-year to $215 million, and new business sales grew by 10% year-on-year to $460 million.