JP-J&T @EC2605A

J&T Global Express Ltd Issues $5.97 Billion Zero-Coupon Convertible Bonds

Jituan Express-W Issuing Convertible Bonds

J&T Express Establishes Logistics Network Covering Over 17000 Islands in Indonesia

J&T Global Express Limited plans to issue convertible bonds to raise HKD 4.65 billion

SF Holding Subscribes to J&T Express Stocks

UBS Analyzes Cross-Holding Transaction Between SF Holding and J&T Express

J&T Express Subscribes to Shares of SF Holding

SF Holding and J&T Express Sign Subscription Agreement to Deepen Strategic Cooperation

J&T Express Experiencing Rapid Growth in Southeast Asia and Emerging Markets

Citi Raises Profit Forecasts and Target Price for J&T Express

Nomura Raises J&T Express Target Price to HKD14

Zhe Securities Maintains Buy Rating on Jitute Express, Sees Strength in Market Advantages

Jituan Express Announces 22.2% YOY Growth in 2025 Full Year Package Volume

J&T Express Sees Analyst Favor Due to Market Leadership and Growth Potential

J&T Express-W Substantially Increases Holdings in Affiliates, Expected to Reach Breakeven in 2025

Guosen Securities predicts high growth for J&T Express and gives a buy rating

J&T Express Acquires Equity in Non-Wholly Owned Subsidiaries

J&T Express-W Wholly-Owned Subsidiary Huaxing Secures Bank Loan Financing

Jituan Express Sees Significant Order Volume Growth in Brazil

Guotai Haitong Securities First Coverage of J&T Express Shares with an Overweight Rating

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SHANGHAI QINGPU

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J&T Global Express Ltd has announced a HK$4.65 billion zero coupon convertible bond offering, set to be listed on the Hong Kong Stock Exchange. The bonds, due in 2033, are guaranteed by J&T Global Express and are aimed at professional investors. The issuance is managed by Morgan Stanley, BofA Securities, and J.P. Morgan, with the listing expected to be effective on February 6, 2026.

Reuters

Yinhua CSI Modern Logistics ETF

J&T EXPRESS-W

J&T Global Express Launches HK$4.65 Billion Zero Coupon Convertible Bond Offering

The Lyon Research Report pointed out that J&T EXPRESS-W plans to issue CNY 4.65 billion convertible bonds with a term of 7 years, aimed at share repurchase, replacing high-interest old debts, and expanding into new markets. Management indicated that refinancing may not be necessary in 2026. The bank believes that the improvement in debt structure and the decline in interest rates will enhance profitability, and continuous share repurchases will boost earnings per share, maintaining an "outperform" rating with a target price of CNY 13.6

AASTOCKS

In "The Big Banks," Citigroup: J&T's debt structure improvement is expected to enhance profitability

Shares of J&T Global Express fell 5.4% to HK$10.52, marking the largest decline since April 7. The Indonesian courier plans to raise HK$4.65 billion ($596 million) through convertible bonds, aimed at expanding overseas, advancing technology, and optimizing capital structure. The issuance will convert into 319.6 million new shares, raising concerns about potential dilution. Year-to-date, the stock is up 3.1%, while the Hang Seng Index has risen 4.2%.

J&T Global slips most in over 9 months on $596 million convertible bonds dilution fears

J&T Global Express, an Indonesian courier firm, aims to raise approximately HK$4.65 billion ($596 million) through convertible bonds to fund overseas expansion and technology development. The bonds will convert into about 319.6 million new shares at an initial price of HK$14.55 per share. The company plans to list the 2026 Convertible Bonds on the Hong Kong Stock Exchange. Founded in 2015, J&T has grown to be the largest e-commerce delivery service in Southeast Asia and expanded into China by acquiring Best Inc's express delivery business in 2021.

HK-listed J&T Global Express aims to raise $596 million for tech, overseas expansion

J&T Global Express Limited plans to raise HK$4.65 billion through a proposed issue of zero coupon guaranteed convertible bonds due 2033. The bonds will be issued at par, with an initial conversion price of HK$14.55 per Class B share, representing a premium of 25%-31% over recent trading prices. If fully converted, this could result in approximately 319.6 million new shares, equating to about 3.56% of the current issued share capital. The company aims to list the bonds and new shares on the Hong Kong Stock Exchange to enhance its capital structure while managing shareholder dilution.

Tip Ranks

J&T Global Express to Raise HK$4.65 Billion via Premium-Priced Convertible Bonds

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UBS research report pointed out that J&T EXPRESS and SF Holding announced cross-shareholding last week, with both parties agreeing to subscribe to each other's newly issued shares, involving a total cash amount of HKD 8 billion each. The transaction aims to deepen cooperation between the two companies, and UBS believes there are synergies. SF Holding is committed to building supply chain service capabilities, while J&T has a market share of over 30% in Southeast Asia. UBS gives J&T a "Buy" rating and SF Holding an "A-share Neutral" rating

SF Holding

UBS: The cross-shareholding between J&T EXPRESS and SF Holding has synergistic effects, paving the way for deeper cooperation

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The report from Citi Research indicates that SF Holding and J&T EXPRESS-W announced mutual subscription of new shares, valued at HKD 8.299 billion. This collaboration reflects the determination of both management teams to achieve "1 plus 1 greater than 2." SF's logistics foundation complements J&T's overseas delivery network, enhancing the competitiveness of both parties. J&T's net profit forecast for the fiscal years 2025 to 2027 has been raised by 7%-9%, with a target price increased to HKD 13.6, rated as "outperforming the market." SF's net profit forecast for the fiscal years 2026 and 2027 has been lowered by 3%, with a target price reduced to HKD 44.1, also rated as "outperforming the market."

SF HOLDING

Citi: SF Holding and J&T EXPRESS-W cooperation enhances both parties' competitiveness, raises J&T EXPRESS-W target price to 13.6 yuan, ranking it as the industry's top choice

SF Holding and J&T EXPRESS-W have reached a strategic mutual shareholding agreement, with an investment amount of 8.3 billion yuan, making SF Holding the second-largest shareholder of J&T. J&T will issue 822 million Class B shares to SF Holding, while SF Holding will issue approximately 226 million H shares to J&T. This cooperation aims to combine the resources of both parties to build an efficient global integrated logistics network and seize opportunities in e-commerce logistics development

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SF Holding and J&T EXPRESS-W hold shares in each other, involving an investment of 8.3 billion. SF Holding will become the second-largest shareholder of J&T EXPRESS-W

JP-J&T @EC2605A(18367.HK)

J&T Global Express Launches HK$4.65 Billion Zero Coupon Convertible Bond Offering

In "The Big Banks," Citigroup: J&T's debt structure improvement is expected to enhance profitability

J&T Global slips most in over 9 months on $596 million convertible bonds dilution fears

HK-listed J&T Global Express aims to raise $596 million for tech, overseas expansion

J&T Global Express to Raise HK$4.65 Billion via Premium-Priced Convertible Bonds