By BAI Fan
J&T Express, an Indonesian delivery company founded by Chinese entrepreneurs Jet Lee and Tony Chen, plans to file an IPO in Hong Kong that could raise up to US$1 billion (6.9 billion yuan) in the second half of this year, Reuters reported on Friday.
The logistics company planned an initial offering on Wall St. last year, but the deal was canceled due to “volatile market conditions.” Once listed, J&T’s market value could reach 130 billion yuan, about half the value of delivery giant SF Express.
J&T Express is targeting a valuation of US$20 billion – the level achieved in its last funding round in November 2021 – and is reportedly ready to sell as much as 10 percent of its shares.
If the IPO goes ahead, it will be one of the top listings on the HKSE this year. Last year’s biggest IPO (China Tourism Group Duty Free Corporation) raised U$2.1 billion in August. The exchange is expected to host more than 100 IPOs this year, projected to raise over US$25 billion.
J&T Express’ network spans thirteen countries, including Vietnam, Saudi Arabia and Egypt. Since entering China in March 2020, J&T has closed multiple financing rounds.
In 2021, Best Inc. sold its express delivery business in China to J&T for about 7 billion yuan.
J&T declined to comment on the matter.