Forceful dealmaking earned Hong Kong billionaire Li Ka-shing the sobriquet “Superman”. The business style of second son Richard is less decisive, judging from the postponement of FWD’s Hong Kong float. The insurer also drew back from a $13bn US listing last year with mooted proceeds of $3bn.
Setbacks for the Li family are reversals for Hong Kong. The fortunes of the dynasty are linked to the city like those of the Ambanis to Mumbai. Richard Li’s activities are admittedly tangential to a business empire whose management older brother Victor has inherited. But shares in CK Hutchison, the key family holding company that Victor chairs, have meanwhile dropped 45 per cent during a bumpy five years for the city.
China’s furious response to the New York listing of ride-hailing group Didi last year stymied plans for FWD’s US initial public offering there. Volatile markets are justifiably blamed for its failure to launch in Hong Kong this year. The postponements point to the…
