J&T Express set for IPO. Here’s what you need to know

Opening Bell 🔔 is Tech in Asia’s free newsletter that brings you the biggest news and latest trends around Asia’s publicly listed tech companies. [Read from your browser]( Opening Bell 🔔 Welcome to the Opening Bell! Delivered every Monday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and latest trends on Asia’s publicly listed tech companies. If you’re not a subscriber, get access by [registering here](. --------------------------------------------------------------- IN FOCUS In today's newsletter, we spotlight: - The [key takeaways]( from J&T Express’ IPO prospectus - Grab’s [surprising U-turn]( from its “no layoffs” stance - Other newsy highlights such as the [eyebrow-raising US$150 million valuation]( of Eurosports Global's EV brand --------------------------------------------------------------- Hello {NAME} Legal contracts, research papers, regulatory filings, and year-end financial reports often send shivers down my spine. Even though I’m pretty good at extracting key pieces of information from these documents, the thought of sifting through a labyrinth of perplexing terms often has my brain doing somersaults. Not to mention that these papers are so long that they could double as scarves for blue whales. IPO filings are of a similar mold: they’re a whirlwind of jargon and convoluted acronyms that make you ponder the meaning of your existence. Think I’m exaggerating? Have a crack at deciphering J&T Express’ [draft prospectus](. Or you could save countless hours of your time by tuning into today’s featured piece. Don’t worry, my colleague Simon has done all the hard work! After diving through hundreds of pages, he brings us the five key takeaways from the prospectus, which was released as part of J&T’s plans to list on the Hong Kong Stock Exchange. The upcoming blockbuster market debut could lead to a share sale of between US$500 million and US$1 billion this year. From the importance of emerging markets to its multibillion-dollar businesses to its growing influence in China, the premium story provides a detailed account of the Indonesia-based logistics service provider’s financials, business model, and growth drivers. -- Shravanth  ---------------------------------------------------------------  THE BIG STORY [Key takeaways from J&T’s prospectus: rapid China growth offsets slowing SEA numbers]( Apart from SEA and China, the delivery company has recently expanded operations to the Middle East and Latin America. ---------------------------------------------------------------  3 TRENDS TO KEEP EYE ON Hot stocks, earnings reports, restructuring, pressure from activist investors, and more. 1️⃣ Jumping on the layoff bandwagon: One surefire way of disrupting any relationship is going back on something you said. So when Grab’s (GRAB, NDAQ) COO Alex Hungate publicly proclaimed in September last year that the firm doesn’t envisage having to undertake mass layoffs, you could forgive its employees for breathing a sigh of relief. The firm’s no-layoffs stance was further reiterated by Anthony Tan, Grab’s CEO and co-founder, in a memo to staff last December. However, six months on, the Singapore-based company is carrying out its largest downsizing operation by firing 11% of its total workforce, affecting 1,000 employees. [This premium story]( attempts to make sense of Grab’s surprising U-turn by piecing together how much the ride-hailing and food delivery giant could save even if the firm says these layoffs are not "a shortcut to profitability." 2️⃣ Still electrifying the market: Artificial intelligence may be the talk of the town right now, but electric vehicles (EV) are the OG. The sector continues to bring in the dough. Venture-backed startups in the EV space raised upward of US$20 billion in 2021, over double that raised by firms in the industry in 2020. Countries across the globe are also accelerating the transition to EVs through generous initiatives aimed at manufacturers and consumers. Public spending on subsidies and incentives for EVs nearly doubled in 2021 to nearly US$30 billion. Even during a tech winter when startups across sectors are seeing their valuations trimmed, Eurosports Global's (5G1, SGX) Scorpio Electric bagged funding at a valuation of US$150 million. That’s despite the electric motorcycle maker not having any bikes yet – it says it’s on track to produce and distribute them in the second half of 2023. [This premium story]( not only puts the company's valuation under the microscope but also investigates its plans to expand across Europe and Asia Pacific. 3️⃣ China’s ecommerce shake-up: Change is coming to the world’s largest online sales market. Starting off with the biggest player in the industry: Alibaba (BABA, NYSE). The firm appointed a new chairperson and CEO in a surprise succession plan to try and turn around a company that’s struggled to regain its footing since Beijing’s regulatory assault against the internet sector in 2021. Alibaba group chair and CEO Daniel Zhang [will step down]( but will continue to serve as the CEO and chair of the company’s cloud computing services arm. Taobao and Tmall chair Eddie Yongming Wu will take over Zhang’s CEO role, while Alibaba executive vice chair Joseph Tsai will assume the position of group chair. Meanwhile, China’s second-largest ecommerce player, JD.com, [has set]( its sights on establishing three new businesses with its over US$139.9 billion in revenue and US$9.8 billion in net profits as part of its “ambitious goals” for the next two decades. 2 EYE-POPPING NUMBERS Tech in Asia scours the internet to bring you head-turning numbers from the world of business. - [43]( That’s the number of companies that have listed on the Indonesia Stock Exchange this year after VKTR Mobility Technology (VKTR, IDX) went public last week. The developer of battery-based electric vehicles raised about US$61 million from its public listing. - [US$240 million]( That is the amount VC firm Go-Ventures, which has rebranded to Argor, raised for its latest fund. The company is linked to Indonesian tech major GoTo Group (GOTO, IDX) but operates independently. It closed its first venture fund in 2020 with a total commitment of US$175 million. THE ONE YOU DIDN'T SEE COMING We spotlight the story that had everyone talking and social media buzzing during the past week. All for a good night’s rest: I always question the success of the burgeoning sleeptech industry. Don’t get me wrong, I love to sleep as much as the next person, but there’s something peculiar about wearing wacky brainwave-monitoring headbands before calling it a night. But a rather unexpected backer of the industry thinks otherwise. Last week, Samsung’s (005930, KRX) venture capital arm [poured]( an undisclosed amount of funding into Vietnam- and US-based consumer sleeptech startup Earable Neuroscience. Few would’ve expected the South Korean tech giant to be among the frontlines in the battle against sleepless nights, but then again, this is the stuff of dreams. That’s it for this edition - we hope you liked it! Not your cup of tea? You can unsubscribe from this newsletter by going to our preference center at the bottom of this email. Happy investing and see you next week! Disclaimer: This content is for informational purposes only. Kindly do not construe any such information as legal, tax, investment, financial, or other advice. [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. You can also break our hearts and remove yourself from all Tech in Asia emails over [here](  Copyright © 2023 Tech in Asia, All rights reserved. 63 Robinson Road, Singapore 068894