J&T Express plans HKEx listing, seeks funds for logistics expansion

J&T Express plans HKEx listing, seeks funds for logistics expansion

On June 16, J&T Express submitted its prospectus to the Hong Kong stock exchange, planning to list on the main board. The IPO is co-sponsored by Morgan Stanley, Bank of America Securities, and CICC. According to the prospectus, the funds raised will primarily be used to expand the company’s logistics network, upgrade infrastructure, and enhance sorting and warehousing capabilities and capacity in Southeast Asia and other markets. J&T Express was founded in Jakarta, Indonesia in August 2015 by Li Jie, the former CEO of Chinese smartphone maker OPPO’s Indonesian unit. By November 2017, J&T Express became the second-largest courier company in terms of package volume in Indonesia and subsequently entered the Vietnamese and Malaysian markets. In April 2018, it expanded its business to the Philippines and Thailand. After establishing a foothold in Southeast Asia, J&T Express started to establish its delivery network in China in March 2020, and achieved nationwide coverage by September of the same year. Currently, J&T Express operates in 13 countries, including seven Southeast Asian nations. [Caixin, in Chinese]


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