Harneys advises J&T Global Express Limited on its Hong Kong IPO
Harneys acted as Cayman Islands legal counsel to J&T Global Express Limited on its successful initial public offering with an offering size of HK$3,918.6 million (approximately US$500 million). Its shares were listed and commenced trading on the Main Board of the Hong Kong Stock Exchange on 27 October 2023.
Notably, several investors, including Boyu Capital, Sequoia, SF, Temasek, Tencent, High Tier, Aspex Management, D1 Capital, and GLP, participated in the offering as cornerstone investors, with a total subscription amount of approximately US$200 million.
J&T is a global integrated logistics service operator. Founded in 2015, the company's express delivery network covers 13 countries, including Indonesia, Vietnam, Malaysia, the Philippines, Thailand, and China. J&T is committed to providing customers with full-scenario logistics solutions through intelligent infrastructure and a digitalised logistics network to efficiently connect the world and benefit logistics globally.
The Harneys team was led by Shanghai-based Partner Calamus Huang with support from Senior Associate Lily Zhang.
Commenting on the transaction, Calamus said, "We are honoured to have assisted J&T in its successful listing in Hong Kong. J&T has been a long-term client of ours and we have provided efficient and quality legal services throughout the listing process, including resolving a few unexpected and complex legal issues. We would like to congratulate them for achieving the fastest speed in the year of the rabbit for a courier company from inception to listing and look forward to witnessing new wonders that J&T will make in the future."
Last month, the team also advised J&T on its successful filing with the China Securities Regulatory Commission, making it the first company to complete the filing of a proposed Hong Kong IPO with a VIE structure since the CSRC's new filing rules came into effect in March this year.
Harneys has a leading Equity Capital Markets practice with substantial experience regarding all aspects of capital raising by offshore companies, including IPOs and secondary offerings, rights issues, equity-linked securities, including convertible and exchangeable bonds, SPACs and business combinations, as well as private placements, take-privates, takeovers and spin-offs. The ECM practice’s expertise lies in advising entities listed or listing on all major stock exchanges, including the New York Stock Exchange, NASDAQ, the London Stock Exchange, AIM, the Hong Kong Stock Exchange, Shanghai Stock Exchange and the Luxembourg Stock Exchange, all of which have issuers who frequently use offshore structures as part of their capital raising.