Asian Insurer FWD Moves to Shelve U.S. IPO

Hong Kong billionaire Richard Li’s FWD Group Holdings Ltd. has moved to withdraw its multibillion-dollar initial public offering in New York, the company said, amid rising tensions between China and the U.S.

The company, which is the insurance business of Mr. Li’s Pacific Century Group, is considering other alternatives, it said in a Monday filing. It asked the U.S. Securities and Exchange Commission to approve the withdrawal of its registration statement.