J&T Express Refinances $2.5 Billion Ahead of Hong Kong IPO, Tencent Participates in Investment

J&T Express
(Source: J&T Express)

Reuters reported on Thursday that according to three sources, J&T Express, an Indonesian courier company, has received $2.5 billion in its latest round of financing, and is now valued at about $20 billion.

Two of the sources said that in the latest round of financing, the main supporters of J&T Express, including Boyu Capital, Hillhouse Capital, Sequoia Capital China and Tencent Holdings, all participated in the investment.

One of the people said the fundraising also attracted new investors, including SIG China, the Chinese investment department of Susquehanna International Group.

This round of financing comes before J&T Express plans to list publicly in Hong Kong, as soon as the first quarter of next year. Initially, J&T Express planned to go public in the United States, raising about $1 billion. However, at the end of August this year, it was reported that the company had adjusted its listing plan, instead preparing to complete an IPO in Hong Kong next year.

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J&T Express’s financing comes at a time when the company seeks to expand in China and Latin America. Headquartered in Jakarta, J&T Express was founded in 2015. Its business has expanded to Malaysia, Vietnam, Indonesia, Thailand, Singapore, Cambodia and China. Currently, J&T Express has more than 350,000 employees.