SYDNEY, June 19 (Reuters) - Insurer FWD Group plans to

launch its Hong Kong initial public offering (IPO) to raise

about $500 million as early as next week, said two sources with

direct knowledge of the matter.

FWD declined to comment on the deal and the sources could

not be named as they were discussing confidential information.

The insurance group, controlled by Hong Kong billionaire

Richard Li, was given approval by the Hong Kong Stock Exchange

to proceed with the listing, according to the exchange's

website.

The deal would be FWD's third attempt to go public after it

initially aimed for a New York IPO in 2021 to raise $2 to $3

billion.

The insurance group shelved the plan due to lengthy delays

in obtaining U.S. regulatory approval. FWD faced questions from

the U.S. regulators on its mainland China ties, Reuters reported

citing sources, and had been treated by authorities as a Chinese

business rather than a Hong Kong entity.

It then targetted a Hong Kong IPO in 2022 but put those

plans on hold due to volatile global financial markets at the

time.

Li, the son of Hong Kong's richest person Li Ka-shing,

founded FWD in 2013 and controls it via investment arm Pacific

Century Group, which has interests in the technology, media,

telecoms and property as well as financial sectors.

FWD operates in ten markets across Asia, according to

its website. It counts Apollo, Swiss RE and GIC, among others as

shareholders, according to its regulatory filings.