According to unnamed sources cited by Reuters, the logistics business J&T Express plans to go public in Hong Kong in the second half of 2023, raising at least $1 billion.
This would be the company’s second attempt at a Hong Kong IPO; its original 2022 offering was postponed owing to the instability of the financial markets. When reached by Reuters, a corporate representative declined to comment.
According to reports, J&T Express is aiming for a minimum valuation of US$20 billion, the same amount it received in its most recent fundraising round in November 2021, and is considering selling between 5% and 10% of its shares.
If so, the IPO’s final value would fall between US $1 billion and US $2 billion, although it is yet unknown how the funds would be used.
The state of the financial markets will determine whether the market debut will go through, according to the sources.