Shares of Indonesian logistics service provider J&T Express dropped 1.33% in Hong Kong’s second-largest initial public offering this year.
Shares of Indonesian logistics service provider J&T Express fell in its trading debut on the Hong Kong IPO bourse Friday."Q3 continued to be very soft. The Hong Kong market has not recovered as much as we would like," Irene Chu, partner of KPMG China, told CNBC.The logistics service provider traded at 11.84 Hong Kong dollars on Friday morning, after opening at HK$12.
J&T had initially aimed to raise at least $1 billion in the IPO but halved the target amount on weak investor demand, according to In May, it acquired China-based Fengwang Express for 1.18 billon yuan from largest domestic player SF Express, building on its acquisition ofThe Indonesian logistics provider delivered a total of more than 14.5 billion parcels in 2022 across China and Southeast Asia, up from 11.5 billion in 2020. In Southeast Asia, it is the largest operator with a 22.5% market share in terms of parcel volume, based on Frost & Sullivan data.
J&T Express acknowledged in its filing that"there remain significant uncertainties" on how the new rules would impact different e-commerce and social media platforms in Indonesia,"some of which are our customers."
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