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FWD Group Holdings Ltd., an Asian insurer backed by Hong Kong tycoon Richard Li, is making another attempt to land a share listing after earlier IPO bids were buffeted by market volatility and regulatory concerns. Li, the younger son of Hong Kong billionaire Li Ka-shing, is now circling for a touchdown on the Hong Kong Stock Exchange, with market sources saying FWD is looking to raise $1 billion with an IPO in the first quarter of next year.

FWD filed its second Hong Kong listing application last Tuesday. The company was originally rumored to be listing in Singapore or in the U.S. as a Special Purpose Acquisition Company (SPAC), but ultimately decided on Hong Kong as its IPO destination. US securities regulators had raised concerns that Chinese authorities might intervene in FWD's business, and the insurer later acknowledged in its risk factors that it could be more affected by uncertainty over Chinese laws and regulations if it expanded its mainland China business. The company also mentioned in the prospectus that any failure to comply with China’s new laws on data security and personal information introduced last year could have a material adverse effect on its business, financial condition and results of operations. Given the uneasy policy backdrop, FWD finally opted to list in a place where it has roots, to mitigate some of the risks.