Hong Kong’s Second Biggest IPO of Year Seals Founder’s Fortune

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Li Jie, who has an 11% stake in J&T, is the latest Chinese billionaire to be created from the online shopping surge of the past two decades. Photo: Bloomberg

(Bloomberg) — Another billionaire has been minted thanks to the online shopping boom that’s expanding from China to Southeast Asia.

J&T Global Express Ltd. started trading on Friday in Hong Kong after completing the city’s second-biggest initial public offering of 2023, leaving its founder Li “Jet” Jie with a $1.5 billion net worth, according to the Bloomberg Billionaires Index. Shares climbed just 0.2% to HK$12.02 in early trading. The courier firm, which provides delivery services for online stores like Shein and PDD Holdings Inc.’s Pinduoduo, raised $500 million in the IPO.