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Deepti Sri · · 1 min readIndonesian logistics major J&T Express mulls shifting IPO from US to Hong Kong
“J&T Express, an Indonesian courier company, is considering shifting its planned US initial public offering to Hong Kong in a debut that could raise about US$1 billion,” Bloomberg reported, citing people familiar with the matter.
Details:
- The plan comes as companies with interests in China and looking to list overseas face intensifying scrutiny from regulators in Beijing. While J&T Express is based in Jakarta, the company is backed by several Chinese investors and has significant operations in China.
- J&T Express is reportedly working with Bank of America, China International Capital, and Morgan Stanley on its listing in Hong Kong, which could come to be as soon as 2022.
Dive deeper:
- The development comes after reports of proposed new rules that could potentially ban Chinese companies with large consumer data from listing in the US.
- In April, J&T Express raised over US$2 billion at a pre-money valuation of about US$6 billion to fund its fight against rival parcel delivery companies backed by Alibaba. The company competes with regional players such as Ninja Van, Lalamove, and SiCepat.
Editing by Collin Furtado and Arpit Nayak
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