SyCipLaw Advises on J&T Global Express's IPO, Hong Kong's Second Largest in 2023
SyCipLaw acted as Philippine counsel to Southeast Asia's largest fast delivery company, J&T Global Express, on its listing on the Main Board of Hong Kong Stock Exchange (HKSE) and global offering, where it raised US$451 million by issuing shares at HK$12 (US$1.53) apiece. This listing is HKSE's second-largest initial public offering (IPO) of the year.
These new funds are expected to be used to expand its network, improve existing infrastructure, and strengthen its sorting and warehouse capabilities as well as to enter new markets and invest more in R&D.Founded in Indonesia, J&T Global operates express delivery services in 13 countries including most of Southeast Asia, the Philippines included, as well as China, Saudi Arabia, United Arab Emirates, Mexico, Brazil, and Egypt, according to its prospectus. It has more than 400,000 service staff globally. In the Philippines, J&T is operated by PH Global Jet Express, Inc., covers nine regions and delivers parcels and packages across the country.
The SyCipLaw team was headed by Arlene M. Maneja together with partners Ronald Mark C. Lleno, Melyjane G. Bertillo-Ancheta, Franco Aristotle G. Larcina and Leah C. Abutan, and senior associates Camille Angela M. Espeleta-Castillo, Loubelle L. Razon-Bagagnan, Mark Kevin U. Dellosa and Hailin D.G. Quintos-Ruiz.