FWD Group has launched its long-anticipated initial public offering (IPO) in Hong Kong, as the pan-Asian insurer founded by local tycoon Richard Li Tzar-kai approaches the end of a four-year odyssey for capital that has taken it from New York back to his hometown. FWD plans to sell 91.34 million shares at HK$38 each, according to a filing on Thursday to the Hong Kong exchange, valuing the insurer at HK$48.3 billion (US$6.15 billion). The insurer could upsize the IPO to 105 million shares and...