Another billionaire has been minted thanks to the online shopping boom that’s expanding from China to Southeast Asia.
J&T Global Express Ltd. started trading on Friday in Hong Kong after completing the city’s second-biggest initial public offering of 2023, leaving its founder Li “Jet” Jie with a $1.5 billion net worth, according to the Bloomberg Billionaires Index. Shares traded at the listing price of HK$12 at 12:39 p.m. local time, after swinging between slight gains and losses.
The courier firm, which provides delivery services for online stores like Shein and Pinduoduo, raised $500 million in the IPO. The muted performance at the debut comes at a tough time for IPOs in Hong Kong, traditionally one of the world’s busiest venues for new share sales globally. It was the biggest offering in the city since ZJLD Group Inc.’s $676 million listing in April, and happened the same week the financial hub announced efforts to revamp activity in equities trading.
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