J&T Express-W (01519.HK) announced that based on the offer price of HK$12.0 per offering share, the net proceeds from this IPO are estimated to be approximately HK$3.528 billion. The one-lot winning rate is 100%, with 200 shares per lot, and the Class B shares are expected to be listed in the near future. The Hong Kong public offering has received a slight oversubscription. A total of 10,887 valid applications have been received, applying for a total of 44.3572 million Hong Kong offering shares, equivalent to approximately 1.36 times the total number of Hong Kong offering shares initially available for subscription under the Hong Kong public offering, which is 32.6552 million shares. The final number of offering shares allocated to the Hong Kong public offering is 32.6552 million Class B shares, accounting for approximately 10% of the total number of offering shares initially available for subscription under the global offering (before the exercise of the over-allotment option), and have been allocated to 10,887 successful applicants under the Hong Kong public offering, among which a total of 4,787 applicants have been allocated one trading lot of offering shares. The international offering has received a moderate oversubscription. A total of 560 million offering shares under the international offering (including shares subscribed by cornerstone investors) have been subscribed, equivalent to approximately 1.91 times the total number of offering shares initially available for subscription under the international offering. The final number of offering shares under the international offering is 293.9 million Class B shares, accounting for approximately 90% of the total number of offering shares initially available for subscription under the global offering (before the exercise of the over-allotment option). A total of 48.9824 million offering shares were over-allocated under the international offering. Cornerstone investors have collectively subscribed for 130 million offering shares, equivalent to approximately 39.88% of the total number of offering shares under the global offering, and approximately 1.48% of the total issued share capital of the company after listing (before the exercise of the over-allotment option). Founded in Indonesia in 2015, J&T Express is a global logistics service provider whose express services span 13 countries (covering seven countries and regions in Southeast Asia including Indonesia, Vietnam, Malaysia, the Philippines, Thailand, Cambodia and Singapore), and its coverage rate in China's county-level and district-level areas also exceeds 99%. According to data from Frost & Sullivan, by parcel volume in 2022, J&T Express is the largest express delivery operator in Southeast Asia with a market share of 22.5%; in China's express delivery market in 2022, J&T Express ranked sixth by parcel volume with a market share of 10.9%. As of June 30, 2023, J&T Express has 104 regional agents, approximately 8,700 network partners, operates 265 transit hubs, more than 8,400 trunk transportation vehicles (including over 4,400 self-owned trunk transportation vehicles), approximately 3,900 trunk transportation routes, and more than 18,600 pickup and delivery outlets. In 2022, J&T Express's global annual parcel volume reached 14.6 billion, an increase of 39.0% compared to 10.5 billion in 2021 and an increase of 350.6% compared to 3.2 billion in 2020. In the first half of 2023, J&T Express's global parcel volume reached 7.967 billion, a year-on-year increase of 16.7%. For this IPO of J&T Express, Morgan Stanley, Merrill Lynch and China International Capital Corporation are its joint sponsors and overall coordinators, while UBS, China Construction Bank International and China Merchants Bank International are its overall coordinators. Other underwriters include Huatai International, BOC International, Agricultural Bank of China International, Bank of Communications International, ICBC International, Deutsche Bank, Daiwa Capital Markets, Guotai Junan, DBS Asia, China Galaxy International, Futu Securities, Tiger Brokers, Huasheng Capital, Fuming Securities and Fosun International Securities. © 2021 Meishun (Hong Kong) Management Consulting Co., Ltd. and Meishun (Hangzhou) Management Consulting Co., Ltd. All rights reserved. Meishun Meiyin (Hangzhou) Consulting Management Co., Ltd. is the domestic subsidiary of Hong Kong Meishun Management Consulting Co., Ltd. under the same actual controller. Both companies are under the same actual controller, managed under the same unified Chinese management framework, and comply with the laws of Hong Kong and mainland China.