Indonesian courier startup J&T Global Express is set to initiate its Hong Kong IPO with the intention of raising USD500m, according to a Reuters report. This move comes as a significant shift from its previous expectation to generate at least USD1bn through a Hong Kong IPO later this year. The valuation goal for J&T’s IPO remains undisclosed. In 2021, the company secured USD2.5bn in investments, valuing it at USD20bn, from significant players, including Tencent Holdings and Sequoia Capital China. Founded in 2015 by senior Oppo executives, J&T expanded into the Chinese market with a USD1.1bn acquisition in 2021. The IPO will be Hong Kong's second-largest this year, following ZJLD Group's USD675.2m share sale.
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