FWD Group Holdings is reportedly considering shifting its initial public offering (IPO) from the US after it hit a roadblock.

The insurer, which is owned by billionaire Richard Li, is considering the option to move the IPO to Hong Kong amid delays by US regulators in scrutinising its listing plans and lack of interest from investors, Reuters reported, citing sources aware of the matter.

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The delays raised concerns that the IPO plan would not be approved by the US authorities.

However, a final decision is yet to be made by the firm, the news agency added.

A FWD spokesman, however, declined to comment on the possible development, reported Reuters.

The US authorities are concerned if the Chinese government could extend its authority to firms such as FWD.

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To address the concerns, last week FWD informed the US regulators in the amended prospectus that it could not guarantee if China would ‘intervene or influence’ its business.

The filing had stated: “We are a Hong Kong-based company with no substantive operations in mainland China. However, we cannot guarantee that the PRC government will not seek to intervene or influence our operations at any time.”

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

At the time of the announcement of the IPO in June, Apollo Global Management’s Athene Life Re agreed to buy shares worth $400m through private placement in FWD and other investors offered to buy nearly $500m of shares in the IPO.