Asian insurance company FWD Group has secured a $200m investment through a private placement before its initial public offering in Hong Kong, Reuters reported citing sources.

New investors ORIX Corp and Huatai Securities participated in the fundraising, the sources further told the news agency.

This comes a month after Hong Kong-based insurer FWD Group raised $1.42bn through private placements from investors such as Apollo Global Management, Canada Pension Plan Investment Board, Swiss Re, and the Siam Commercial Bank.

As per the news agency’s earlier report, the $1.42bn round gave FWD, which is backed by billionaire Richar Li, a post-money valuation of $9bn.

After failing to receive full regulatory clearance from the US authorities, FWD is planning to float its share on the Hong Kong stock exchange.

The insurer had planned to raise $2bn-$3bn from its US IPO that would have valued the firm between $13bn and $15bn.

FWD’s US IPO hit a roadblock in October after the authorities raised concerns if the Chinese government could extend its authority to firms like FWD.

Notably, the US authorities gave preliminary approval to FWD to carry out a marketing roadshow to investors, but full clearance was not given.

FWD’s Hong Kong listing is expected to happen in the first half of 2022.

FWD is present in ten Asian markets and offers life and medical insurance, general insurance and employee benefits among other services.