Jitu Express is listed on the Hong Kong Stock Exchange today, with an issue price of HKD 12 per share

On the morning of October 27th at 9am, Jitu Express was officially listed on the main board of the Hong Kong Stock Exchange, with a stock code of 1519.HK and a market value of over HKD 100 billion

On the morning of October 27th at 9am, Jitu Express was officially listed on the main board of the Hong Kong Stock Exchange, with a stock code of 1519.HK and a market value of over HKD 100 billion. The net proceeds from the sale were approximately HKD 3.528 billion.

According to the prospectus, the net proceeds from this offering are approximately HKD 3.53 billion, of which approximately 30% will be used to expand logistics networks, upgrade infrastructure, and strengthen sorting and warehousing capabilities. Approximately 30% will be used to explore new markets and expand service scope. Approximately 30% will be used for research and development and technological innovation, and approximately 10% will be used for general corporate purposes and operational capital needs.

Jitu Express was founded in Indonesia in 2015 and quickly seized the Southeast Asian market. According to third-party statistics, based on the number of packages in 2022, Jitu's global annual package volume reached 14.6 billion, making it the top express delivery operator in Southeast Asia.

In 2020, Jitu Express entered China. According to data, from 2020 to 2022, Jitu Express had 2.1 billion, 8.3 billion, and 12 billion express packages in China, respectively. In the first half of 2023, the global package volume of Jitu increased by 16.7% year-on-year, reaching 7.967 billion pieces, of which 6.447 billion pieces were from China, an increase of 15.1% year-on-year; The number of packages in Southeast Asia was 1.438 billion, an increase of 18.4% year-on-year.

In terms of financial data, from 2020 to 2022, the total revenue of Jitu was $1.535 billion, $4.852 billion, and $7.267 billion, respectively. They incurred a net loss of $664 million, a net loss of $6.2 billion, and a net profit of $1.6 billion, respectively. In the first half of 2023, the revenue of Jitu reached 4.03 billion US dollars, a year-on-year increase of 18.45%; A net loss of $667 million, representing a year-on-year shift from profit to loss. The adjusted loss under non international financial reporting standards was $264 million, a decrease of 36.8% year-on-year, and the adjusted EBITDA was $39 million, turning the loss into profit year-on-year. During the same period, Jitu recorded a gross profit of 194 million US dollars and raised its gross profit margin to 4.8%.

According to the prospectus, this time on the capital market, Jitu Express received support from numerous well-known cornerstone investors, including Boyu Capital, D1 Capital, GLP, Sequoia, Temasek, and Hillhouse, subscribing for approximately $200 million in shares. From July 15, 2017 to May 17, 2023, the company conducted seven rounds of financing, with a total financing amount of approximately $5.57 billion. According to the prospectus, equity structures such as Boyu Holdings, ATM Capital, Hillhouse, and Sequoia hold 6.1%, 5.49%, 2%, and 1.62% respectively.

As the third largest institutional shareholder of Jitu, Qu Tian, founder of ATM Capital, stated: Sincerely congratulations on the successful listing of Jitu Express today! As the earliest institutional investor, we have witnessed Jitu's continuous growth from Southeast Asia to a super unicorn. Nowadays, express delivery companies adapting to the new digital economy environment are facing globalization opportunities, and Jitu is currently the only logistics company with global local delivery capabilities. A new generation of global enterprises is emerging, and ATM Capital will continue to explore and Accompanying the next Southeast Asian super unicorn

After years of deep cultivation in Southeast Asia, Qu Tian observed that previously successful companies in internationalization were mainly concentrated in the origins of China, the United States, Japan, South Korea, and Europe, while Indonesia will be the next birthplace, such as Jitu and Shopee, all starting from Indonesia and going global. In the future, Southeast Asia has the opportunity to have the next company born at the level of tens or even hundreds of billions of dollars, "said Qu Tian. (Yan Yan)