DaHui Advises J&T Express for Precedent-Setting IPO in Hong Kong

DaHui Lawyers, serving as both issuer’s PRC counsel and overall corporate counsel to J&T Global Express Limited (“J&T Express”, 01519.HK), advised on J&T Express’ successful initial public offering (IPO) and listing on the Main Board of the Hong Kong Stock Exchange (HKEX). The gross proceeds from the offering were approximately USD 500 million (prior to the exercise of the over-allotment option), the second largest IPO on the HKEX so far in 2023.

More momentously, J&T Express is the first company with a “variable interest entity” (VIE) structure listing in Hong Kong to successfully complete the new filing required by the China Security Regulatory Commission (CSRC), since 31 March 2023, for companies to be listed outside Mainland China. J&T Express’ case will serve as a precedent for other companies seeking to list overseas from now on.

J&T Express is a global logistics service provider with leading express delivery businesses in Southeast Asia and China. Founded in 2015, J&T Express’ network spans thirteen countries, including Indonesia, Vietnam, Malaysia, the Philippines, Thailand, Cambodia, Singapore, China, Saudi Arabia, the UAE, Mexico, Brazil, and Egypt. The company is committed to providing customers with integrated logistics solutions through intelligent infrastructure and digital logistics networks, as part of its global strategy to connect the world with greater efficiency and bring logistical benefits to all.

DaHui provides a full range of legal services for domestic and international capital markets participants and matters. We regularly act as PRC counsel to issuers and underwriters in myriad equity and bond financings in the PRC, U.S., and Hong Kong capital markets, in transactions including initial public offerings, secondary offerings, major asset reorganizations, bond offerings, and private placements.

For J&T Express’ IPO and listing, the DaHui team provided full-process, cross-area, and multi-jurisdictional legal support. Our team was led by partners Chris Chen and Julia Dai and counsel Rayna Wang. Specialized advice was provided on CSRC filing matters by partners Greg Guo and Jiawen Gong, on anti-monopoly and national security by partner Jie Tong, on data protection and cybersecurity by partner Zhengwei Yang, on tax by partner Mei Zhang, and on trust-related matters by partner Richard Qiang. Partner Lucy Lu also advised on pre-IPO acquisition matters.

Earlier this year, DaHui advised J&T Express on its landmark RMB ¥1.183 billion deal to acquire e-commerce delivery company Fengwang.