J&T Global slips most in over 9 months on $596 million convertible bonds dilution fears
Shares of J&T Global Express fell 5.4% to HK$10.52, marking the largest decline since April 7. The Indonesian courier plans to raise HK$4.65 billion ($596 million) through convertible bonds, aimed at expanding overseas, advancing technology, and optimizing capital structure. The issuance will convert into 319.6 million new shares, raising concerns about potential dilution. Year-to-date, the stock is up 3.1%, while the Hang Seng Index has risen 4.2%.