Indonesia’s courier service, J&T Global Express Ltd, recently launched its initial public offering in Hong Kong, raising approximately $501 million in the process. Guided by law firm Latham & Watkins, along with seven other regional firms, this listing represents the city’s second largest this year. The leading listing remains with the $676 million listing of Chinese liquor maker ZJLD Group that occurred in April. The full story can be found here.
Interestingly, this move also makes J&T Global Express Ltd the first foreign company to raise funds in Hong Kong for 2023. As of October 12, the Hong Kong Stock Exchange had seen 51 public offerings on its main board, all from issuers based in Greater China. With this fresh listing, J&T introduces a new dynamic to an otherwise lukewarm listings market.