Press Releases in Hong Kong

Indonesia’s J&T Express ‘eyes shifting IPO from US to HK’

This undated file photo shows a J&T Express courier preparing packages in Shijiazhuang, Hebei province of China. (PHOTO / BLOOMBERG)

J&T Express, an Indonesian courier company, is considering shifting its planned US initial public offering to the Hong Kong Special Administrative Region in a debut that could raise about US$1 billion, according to people familiar with the matter.

The Jakarta-based company is working with Bank of America Corp, China International Capital Corp and Morgan Stanley on the potential first-time share sale as soon as next year, the people said, asking not to be named as the matter is private.

The Jakarta-based company is working with Bank of America Corp, China International Capital Corp and Morgan Stanley on the potential first-time share sale as soon as next year

J&T had previously planned to seek a US IPO as soon as the fourth quarter, Bloomberg News reported in April.

Preparations for the HKSAR listing are at an early stage, and details of J&T Express’ IPO plans including size and timeline could still change, the people said. The company could decide to list in the US at a later date, following its offering in Hong Kong, one of the people said.

Representatives for Bank of America, CICC, J&T and Morgan Stanley declined to comment.

Founded in 2015 by entrepreneurs Jet Lee and Tony Chen, J&T Express has operations in Cambodia, the Chinese mainland, Indonesia, Malaysia, the Philippines, Thailand, Singapore and Vietnam, according to the company’s website. The courier has more than 350,000 employees globally.

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In the mainland, J&T is known for its aggressive pricing and expansion, challenging rivals like SF Holding Co and Alibaba Group Holding Ltd-backed YTO Express Group Co. In April, the postage authority in Yiwu, a city in Zhejiang province, penalized the startup for selling below cost and ordered it to rectify, local media reported.