On October 27, 2023, the global logistics service provider, J&T Express Global Limited (referred to as J&T Express, 1519.HK), officially listed on the main board of the Hong Kong Stock Exchange, becoming the largest IPO on the Hong Kong Stock Exchange this year, with a total market value of 100 billion Hong Kong dollars.
In 2017, ATM Capital established its headquarters in Jakarta, Indonesia, focusing on the Southeast Asian market. J&T Express was the first project for the fund in Southeast Asia, and ATM Capital was also J&T Express' first institutional investor.
As J&T Express' third-largest institutional shareholder, ATM Capital's founder, Tony Qu, stated: "My heartfelt congratulations to J&T Express on its successful listing today! As one of the earliest institutional investors, we have witnessed J&T Express’ continuous growth in Southeast Asia, evolving into a super unicorn. Today, express delivery companies adapting to the new digital economy are embracing globalization opportunities, and J&T Express is currently the only logistics company with global-local delivery capabilities. The next generation of global enterprises is rising, and ATM Capital will continue to explore and support the next Southeast Asian super-unicorn."
J&T Express, founded in Indonesia in 2015, quickly expanded to other Southeast Asian countries and established a leading position in the Southeast Asian region by leveraging its success in Indonesia. In 2020, J&T Express entered the PRC market and became a competitive market player. At the same time, it continued to expand into other largest and fastest-growing emerging courier markets globally, such as Latin America and the Middle East. The courier business of J&T Express now spans across 13 countries.
With the expansion of companies like SHEIN, Pinduoduo’s Temu, Alibaba's overseas businesses, and others into North America, the Middle East, Latin America, and Western Europe, J&T Express has provided a new generation of express infrastructure for developing e-commerce platforms. This has also ushered in a period of rapid growth for the company. The Hong Kong Stock Exchange listing is an important strategic move for J&T Express in the capital markets and a further step in the company's globalization strategy.
After years of deep exploration in Southeast Asia, Tony Qu observed that previously successful international companies were primarily concentrated in their home regions, such as China, the United States, Japan, South Korea, and Europe. However, Indonesia is poised to become the next source of global expansion, with companies like J&T Express and Shopee starting their global journey from Indonesia. Tony Qu Tian stated, "In the future, Southeast Asia has the opportunity to breed another hundred-billion-dollar or even trillion-dollar level company."
In addition to J&T Express, ATM Capital's fund has invested in various projects, including J&T Cargo, a technology-driven express delivery company under the J&T Express umbrella; Y.O.U, a leading beauty brand in Southeast Asia; MAKUKU, a leading mother and baby brand in Southeast Asia; TOMORO COFFEE, an emerging coffee chain brand in Indonesia; Jet Commerce, a comprehensive e-commerce services provider in Southeast Asia,; TUYA, the world's largest third-party AIOT (Artificial Intelligence of Things) smart cloud platform; and Waterdrop Group, a leading insurance technology platform in China. These investments encompass one super unicorn (with a market value of over ten billion U.S. dollars), two publicly traded U.S. companies, two unicorns (with a market value of over one billion U.S. dollars), and several quasi- unicorns.
