FWD Group Holdings’ initial public offering (IPO) in the US has hit a roadblock due to regulators’ growing concerns over the Chinese government’s recent crackdown on fintech firms.

Hong Kong-based insurer has not received final approval from the US Securities and Exchange Commission for the IPO, Bloomberg has reported.

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The authorities are concerned if the Chinese government could extend its authority to firms like FWD, the report added citing people familiar with the matter.

As per media reports, FWD plans to raise $2bn-$3bn from its IPO, which could take the company’s valuation to $13bn-$15bn.

Initially, FWD had planned to start trading in New York this week; however, it is unlikely that the listing would be completed this year, the report added.

Notably, the Asian insurer, which is owned by billionaire Richard Li, has not formally withdrawn its IPO plan, which was announced last month.

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FWD could go ahead with the IPO if it gets the regulatory nod, the people said adding that it could also choose to sell its share in markets like Hong Kong or raise funds via other means.

The insurer is also under pressure from some of its investors regarding the company’s valuation and regulatory risks, the people said.

At the time of the announcement, FWD revealed that Apollo Global Management’s Athene Life Re agreed to buy shares worth $400m through private placement.

Other investors offered to buy nearly $500m of shares in the IPO.

FWD was established in 2012 after the acquisition of ING’s Hong Kong, Macau, and Thailand units.