J&T: Highlights of IPO prospectus

J&T Express, a leading ecommerce logistics company in Southeast Asia & China, filed its draft IPO prospectus to Hong Kong Stock Exchange on 16 June 2023

The Application Proof, as the substantially-complete draft IPO prospectus is called, gives a good glimpse into J&T’s business operations, financials, competitive standing and shareholders. The company subsequently needs to pass the hearing by HKEX, and go through a period of marketing, before the stock can start trading. This will usually take a few months.

In this document, we highlight a few key areas of the prospectus which we think are quite relevant to stakeholders of Southeast Asia’s ecommerce ecosystem.

Table of contents

1. Revenue growth, 2020 – 2022
2. Revenue contribution by region, 2020 – 2022
3. Parcel volume delivered by region, 2020 – 2022
4. Gross profit per parcel in each region, 2020 – 2022
5. Market share in SEA vs China, 2022
6. Top customers, 2020 – 2022
7. Key shareholders
8. J&T and its root in Oppo / BBK ecosystem