Dear Pro member,
Indonesia’s J&T Global Express is gearing up for a substantial Hong Kong IPO to raise US$500M, making it the second-largest new share sale in the city for 2023.
The courier services startup initially had aspirations to raise at least US$1B in its Hong Kong IPO during the latter part of 2023. While the exact valuation sought in the IPO remains undisclosed, it’s expected to be substantial, given J&T’s impressive track record.
In 2021, the firm secured US$2.5B in funding at a US$20B valuation from notable investors, including Tencent Holdings and several prominent capital groups.
This IPO news provides hope for the Hong Kong stock market, which has seen a rather lacklustre year for new share sales, primarily due to increased interest rates and stricter regulatory requirements for mainland Chinese firms seeking listings abroad.
Despite these challenges, J&T’s IPO, following the footsteps of Chinese spirits maker ZJLD Group, aims to reinvigorate the Hong Kong IPO landscape and provide an exciting opportunity for investors interested in the logistics and e-commerce sectors.
Sainul,
Editor
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J&T Global aims to launch US$500M Hong Kong IPO on Monday
The Indonesian courier services startup had earlier aimed to raise at least US$1B via a Hong Kong IPO in H2 2023; The company raised US$2.5B at a valuation of US$20B in 2021 from Boyu Capital, Hillhouse Capital, Sequoia China, and Tencent.
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The post Ecosystem Roundup: J&T Express to launch US$500M IPO in HK; SoPa CEO Nguyen resigns; TikTok woes continue appeared first on e27.