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    002352   CNE100000L63


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Indonesian startup J&T raising over $2 billion ahead of IPO -sources

09/03/2021 | 06:55am EDT
FILE PHOTO: HKEX sign is seen at the 2020 China International Fair for Trade in Services in Beijing

SINGAPORE (Reuters) - Indonesian courier startup J&T Express is in talks with investors to raise more than $2 billion ahead of a Hong Kong initial public offering (IPO), and is looking to expand in Latin America, three people with knowledge of the matter told Reuters.

The logistics firm is seeking to hit a $20 billion valuation with the $2-2.5 billion fundraising round that is expected to be finalised in the coming weeks, and attract Tencent Holdings among other investors, the sources said.

Existing J&T investors Boyu Capital, Hillhouse and Sequoia Capital China are also looking to join the round, which will more than double the company's valuation from a previous round that closed in April.

J&T at the time raised $1.8 billion, led by Boyu and joined by Sequoia and Hillhouse at a post-money valuation of $7.8 billion, said one of the three and a separate source.

J&T and Hillhouse did not answer requests for comment. Tencent, Sequoia and Boyu declined to comment.

The courier company plans to list in Hong Kong next year, said the sources, who declined to be named as the information is confidential.

J&T was launched in 2015 in Indonesia by two senior executives of Chinese smartphone manufacturer Oppo, who used their experience in distribution to build up a massive logistics network across Southeast Asia targeting the region's booming e-commerce players.

The company entered China in 2020, and competes with local rivals such as S.F. Holding, ZTO Express and the in-house logistics networks of e-commerce giants Alibaba Group and JD.com.

Two of the sources said that J&T, whose business was buoyed by a pandemic-induced home delivery boom, is now preparing to launch in Latin America, where Southeast Asian e-commerce firm Shopee, a top client, has quickly expanded since its foray two years ago.

Analysts say J&T's experience in serving smaller cities in Southeast Asia and China should help it grow in Latin America and serve both existing clients like Shopee and Chinese companies seeking broader global exposure.

"J&T is building a UPS/DHL-like global infrastructure which is catered towards booming e-commerce," advisory firm Momentum Works' Chief Executive Officer Jianggan Li said.

"The fact that they first proved their business in Southeast Asia gives them a key advantage over Chinese companies in managing cross cultural organisation and operations effectively."

(Reporting by Fanny Potkin in Singapore and Kane Wu in Hong Kong; additional reporting by Julie Zhu in Hong Kong; Editing by Sumeet Chatterjee and Emelia Sithole-Matarise)

By Fanny Potkin and Kane Wu

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MERCANTIL SERVICIOS FINANCIEROS, C.A. 0.00% 6.4 End-of-day quote.-100.00%
PINDUODUO INC. -0.02% 94.4 Delayed Quote.-47.09%
S.F. HOLDING CO., LTD. -1.24% 65.4 End-of-day quote.-25.88%
TENCENT HOLDINGS LIMITED 2.57% 495.6 End-of-day quote.-12.13%
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09/03Indonesian startup J&T raising over $2 billion ahead of IPO -sources
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More news
Sales 2021 192 B 29 792 M 29 792 M
Net income 2021 4 444 M 691 M 691 M
Net cash 2021 15 747 M 2 449 M 2 449 M
P/E ratio 2021 68,2x
Yield 2021 0,30%
Capitalization 293 B 45 583 M 45 624 M
EV / Sales 2021 1,45x
EV / Sales 2022 1,19x
Nbr of Employees 121 925
Free-Float 30,8%
Duration : Period :
S.F. Holding Co., Ltd. Technical Analysis Chart | 002352 | CNE100000L63 | MarketScreener
Technical analysis trends S.F. HOLDING CO., LTD.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 23
Last Close Price 65,40 CNY
Average target price 82,42 CNY
Spread / Average Target 26,0%
EPS Revisions
Managers and Directors
Wei Wang Chairman & General Manager
Wei Ting Ng Chief Financial Officer, Director & Deputy GM
Xun Sun Chairman-Supervisory Board
Zhi Jun Xu Chief Operating Officer & Deputy General Manager
Li Jin Independent Director
Sector and Competitors