Shares of Indonesian logistics service provider J&T Express dropped 1.33% in Hong Kong's second-largest initial public offering this year.
Shares of Indonesian logistics service provider J&T Express fell in its trading debut on the Hong Kong IPO bourse Friday."Q3 continued to be very soft. The Hong Kong market has not recovered as much as we would like," Irene Chu, partner of KPMG China, told CNBC.Shares of Indonesia's J&T Express fell 1.33% when it went public on Friday.
"In the third quarter of 2023, global IPO activities remained sluggish due to macroeconomic and geopolitical uncertainties. Hong Kong's global IPO ranking dropped to eighth following a historically slow third quarter," said Companies that want to go public have "become more realistic" in their pricing, said Ringo Choi, Asia-Pacific IPO leader at EY. "The IPO pricing is dropping significantly by more than 50% or even 70%."China is J&T's largest market, where it delivered nearly 83% of its total parcels last year, serving the likes ecommerce giants likeand Alibaba's Taobao and Tmall. It held a 10.
"There is some sharp short-term pain for J&T in Indonesia because of the TikTok Shop ban, as J&T was carrying the majority of the TikTok Shop's millions of orders a day in Indonesia prior to the ban," said Momentum Works in a Oct. 17
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Shares of Tencent-backed J&T Express fall in Hong Kong debutShares of Indonesian logistics service provider J&T Express dropped 1.33% in Hong Kong’s second-largest initial public offering this year.
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