J&T Express
极兔
J&T Express is a cross-border logistics provider that partners with e-commerce platforms SHEIN and Temu , backed by investors including Sequoia China, Boyu Capital, and eWTP Arabia Capital . The company listed on the Hong Kong Stock Exchange in October 2023 at a valuation exceeding 105 billion HKD . Its expansion has been notably aggressive: it entered Mexico in winter 2021 with a 20-person advance team, quickly securing SHEIN's entire local order volume and roughly 60% of its cross-border business there by leveraging capital advantages to build out its network . In the Middle East, YiDa Capital and Middle Eastern consortiums have injected tens of millions of dollars to strengthen its UAE, Saudi Arabia, and broader MENA operations . ATM Capital, its first institutional shareholder and sole external investor before its China market entry, invested in 2017 when J&T was still an Indonesia-focused operation; the firm later saw returns estimated at least $700 million from the bet . Colin Guo (郭山汕) of Sequoia China also counts J&T among his investments . The company competes with other Chinese-background logistics players like iMile in Mexico .
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Coverage
Qu Tian: From *The Art of War* to the Mindset of Going Global | Late 2025
It was never a sprint.
暗涌Waves·Vol.004 | Conversation with Richard Guo: Staying Out of the Fray, But Keeping on Winning
elsewhere别处发生·A Conversation with Sam Guo: Staying Out of the Fray, but Keeping on Winning
Truck drivers, sour kiwis, counterfeit cigarettes and booze — and the legends of investing.
elsewhere别处发生·A Conversation with iMile's Cathy Huang: Winning at Cross-Border Logistics Through Systems | Dark Tide World View
From the Middle East to the World
暗涌Waves·A Conversation with Thailand's First Unicorn Founder: From Orphan to $3 Billion CEO --- When Kavin Bhumikittikul was six years old, he watched his mother walk out the door and never come back. His father, a gambling addict, had accumulated crushing debts. The family shattered. Kavin and his siblings were sent to separate orphanages across Bangkok. Forty years later, he is the founder and CEO of Agoda, the online travel platform valued at roughly $3 billion — Thailand's first unicorn, and one of Southeast Asia's most consequential tech companies. I met Kavin at Agoda's Bangkok headquarters, a sleek glass tower overlooking the Chao Phraya River. He arrived without an entourage, wearing a company polo shirt and carrying his own laptop bag. The contrast between his current stature and his origins is almost too stark to process. Yet he speaks about both with the same even, analytical tone — as if describing data points in a business case rather than his own life. --- **"I learned to sell before I learned to read properly"** Kavin's earliest memory of commerce is selling candy to other children at his orphanage, age seven. He would buy bulk packs with his meager allowance
The fiercer the storm, the more powerful the lightning.
暗涌Waves·Mexico Under the Countdown: New Logic and Unwritten Rules
New rules will be born, one way or another.
暗涌Waves·J&T Express in Mexico: A Security Map for Every Employee | Dark Currents: World View
A courier company spent three years cracking the Mexican market.
暗涌Waves·Let's go to Mexico with Anyong | Waves Odyssey
Join us.
暗涌Waves·Chinese in Saudi Arabia: Flowers, Desert, and Dampened Dreams
A wavering journey of ambition.
暗涌Waves·Saudi Arabia Invested in a Chinese Fund
Four Years of a China Cross-Border Fund
暗涌Waves·Southeast Asia Investment Finally Has a Success Story
A Resolute Choice
暗涌Waves·
