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(Bloomberg) -- J&T Express, an Indonesian courier company, is considering shifting its planned U.S. initial public offering to Hong Kong in a debut that could raise about $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 possible change of venue comes as Chinese regulators have announced scrutiny on its companies listing overseas. Even though J&T is Indonesian, several of its investors are based in China and the logistics firm has significant operations there, which has prompted concern within the company about potential scrutiny from Beijing, one of the people said.
Preparations for the Hong Kong 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 pursue a dual listing in the U.S. as well as in Hong Kong, one of the people said.
Representatives for Bank of America, CICC, J&T and Morgan Stanley declined to comment.
J&T had previously planned to seek a U.S. IPO as soon as the fourth quarter, Bloomberg News reported in April.
Founded in 2015, J&T Express has since expanded its operations to Malaysia, Vietnam, Indonesia, Thailand, Singapore, Cambodia and China, according to the company’s website. The courier has more than 350,000 employees globally.
In China, 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.
J&T Express would join a number of companies whose plans to list in New York have been thrown in doubt amid brewing U.S. tensions with China. On-demand logistics and delivery firm Lalamove considered shifting its planned U.S. IPO to Hong Kong, Bloomberg News reported in July. Others such as social media and e-commerce site Xiaohongshu, or Little Red Book, have put U.S. listing plans on hold.
Read More: Why China and U.S. Are Clashing Over Stock Listings: QuickTake
Separately, the U.S. Securities and Exchange Commission has asked Chinese companies seeking overseas listings to give increasingly detailed descriptions of the so-called variable interest entity corporate structures such firms use to list abroad.
More stories like this are available on bloomberg.com
Subscribe now to stay ahead with the most trusted business news source.
©2021 Bloomberg L.P.
finance.yahoo.com
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 possible change of venue comes as Chinese regulators have announced scrutiny on its companies listing overseas. Even though J&T is Indonesian, several of its investors are based in China and the logistics firm has significant operations there, which has prompted concern within the company about potential scrutiny from Beijing, one of the people said.
Preparations for the Hong Kong 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 pursue a dual listing in the U.S. as well as in Hong Kong, one of the people said.
Representatives for Bank of America, CICC, J&T and Morgan Stanley declined to comment.
J&T had previously planned to seek a U.S. IPO as soon as the fourth quarter, Bloomberg News reported in April.
Founded in 2015, J&T Express has since expanded its operations to Malaysia, Vietnam, Indonesia, Thailand, Singapore, Cambodia and China, according to the company’s website. The courier has more than 350,000 employees globally.
In China, 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.
J&T Express would join a number of companies whose plans to list in New York have been thrown in doubt amid brewing U.S. tensions with China. On-demand logistics and delivery firm Lalamove considered shifting its planned U.S. IPO to Hong Kong, Bloomberg News reported in July. Others such as social media and e-commerce site Xiaohongshu, or Little Red Book, have put U.S. listing plans on hold.
Read More: Why China and U.S. Are Clashing Over Stock Listings: QuickTake
Separately, the U.S. Securities and Exchange Commission has asked Chinese companies seeking overseas listings to give increasingly detailed descriptions of the so-called variable interest entity corporate structures such firms use to list abroad.
More stories like this are available on bloomberg.com
Subscribe now to stay ahead with the most trusted business news source.
©2021 Bloomberg L.P.
Indonesia’s J&T Express Eyes Shifting IPO From U.S. to Hong Kong
(Bloomberg) -- J&T Express, an Indonesian courier company, is considering shifting its planned U.S. initial public offering to Hong Kong in a debut that could raise about $1 billion, according to people familiar with the matter.The Jakarta-based company is working with Bank of America Corp...
