Asian Tech Press (Nov 25) -- Indonesian logistics company J&T Express plans to go public in Hong Kong as soon as the first quarter of next year, and ahead of the IPO, J&T Express has received its latest round of financing, raising $2.5 billion and valuing the company at about $20 billion.

Two people familiar with the matter said that in the latest round of financing, J&T Express' main backers Boyu Capital, Hillhouse Capital and Sequoia Capital China, as well as Tencent Holdings, participated in the investment.

J&T Express has hired Bank of America, CICC and Morgan Stanley to handle its planned $1 billion IPO.

J&T Express is an Indonesian courier company based in Jakarta, a technology-innovative Internet delivery logistics company founded by entrepreneurs Jet Lee and Tony Chen in 2015.

J&T Express has expanded its business to Malaysia, Vietnam, Indonesia, Thailand, Singapore, Cambodia and China. Currently, J&T Express has over 350,000 employees.