Southeast Asia’s largest fast delivery company, J&T Express, has debuted on the HKEX, raising HKD3.92 billion (USD501 million) from issuing 327 million shares at HKD12 each, making it the second-largest IPO on the city’s bourse to date.
Latham & Watkins provided Hong Kong and US law advice to J&T Express, while DaHui Lawyers and Harneys acted on PRC law and Cayman Islands law, respectively.
To address legal matters of J&T Express’ Southeast Asia operation, HHR Lawyers advised on Indonesian law, Vietnam International Law Firm advised on Vietnamese law, Rahmat Lim & Partners dealt with Malaysian law issues and SyCipLaw provided support for Philippine law matters.
Skadden advised the joint sponsors – Morgan Stanley, Merrill Lynch and CICC – and 18 underwriters on Hong Kong and US law, while Han Kun Law Offices and Commerce & Finance Law Offices advised on PRC law.
The 12 cornerstone investors, which collectively invested nearly USD200 million, included Sequoia, Hillhouse Group, as well as companies owned by SF Express, Temasek and Tencent.
The prospectus shows that J&T Express’ revenue reached USD7.27 billion last year, a 49.79% increase year-on-year. In 2022, the company became Southeast Asia’s first courier operator with a 22.5% market share and grabbed a 10.9% market share in China by parcel volume.
