JT Express - Highlights of Draft IPO Prospectus - MW - June - 2023 c8jnqg
JT Express - Highlights of Draft IPO Prospectus - MW - June - 2023 c8jnqg
JT Express - Highlights of Draft IPO Prospectus - MW - June - 2023 c8jnqg
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Table of contents
2. Revenue contribution by region, 2020 - 2022 contained in this document is the exclusive property of
Momentum Works. Any reliance on such material is made at the
users’ own risk.
7. Key shareholders
3
1. J&T’s revenue grew 4.7x between 2020 and 2022
4.9
1.5
-0.3 -0.2
-0.5
2020 2021 2022
Adj EBITDA
-21% -11% -3%
margin (%)
4
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2. China’s revenue contribution for J&T grew to 56% in 2022, surpassing Southeast Asia
6%
56% China 8.6x
45%
1%
Southeast
31% 33% 2.3x
49% Asia
68%
1. Includes revenue from cross-border services and revenue from domestic express delivery services in other regions
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3. J&T delivered >14.5 billion parcels in 2022, mostly in China
J&T parcel volume 2020 - 2022 (in billions)
44.3%
12.0
300%
8.3
16.3%
2.1 87.3%
2.2 2.5
1.2
1. High-growth markets around the world, including Saudi Arabia, UAE, Mexico, Brazil and Egypt
6
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4. On a per parcel basis, J&T is narrowing losses in China, while profit in SE Asia declined
1. Gross profit (loss) per parcel = Revenue per parcel - cost per parcel
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5. J&T leads in Southeast Asia, while market in China is a tough fight
Market share of top express delivery operators (by parcel volume) in Southeast Asia and China in 2022
Others
Company J:
Company I:
Others
Company H:
Company G:
Company D:
Company C:
Company F:
Company B:
Company A:
Company E: * For more insights about the dynamics in
Southeast Asia’s ecommerce ecosystem,
including logistics, refer to:
Ecommerce in
Southeast Asia- report
SEA China by Momentum Works
Note: J&T’s IPO prospectus did not disclose exact company names; company names are inferred by Momentum Works by referring other primary and secondary sources
8
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6. Shopee remains top customer, with TikTok Shop catching up fast
Other
customers
7%
Top 5
customers
35% 35% 17%
Note: J&T’s IPO prospectus did not disclose exact company names; company names are inferred by Momentum Works by referencing other primary and secondary sources
9
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7. J&T founder Jet Lee, Tencent, Boyu and ATM Capital are top shareholders
Shareholders (% shareholding)
6.32%
6.10%
5.49%
3.10%
2.00% 1.99% 1.62% 1.54%
0.77%
0.54% 0.39%
Jet Li
李杰
Founder
10
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8. Many shareholders have strong roots in the BBK/Oppo ecosystem
11.54%
Four senior leaders of BBK / Oppo collectively hold 11.63% of J&T
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