Offshore Trust Insight | J&T GLOBAL EXPRESS (01519.HK) Down 3.70% Intraday; Founder Li Jie Holds All Class A Shares via a Singapore Family Trust

On October 21, 2026, the logistics and express delivery theme traded divergently, and J&T GLOBAL EXPRESS (01519.HK) weakened. As of 14:07, the company was quoted at HKD 8.860, down 3.70%, with a turnover of about HKD 171 million and a market capitalisation of about HKD 84.706 billion based on the latest price. The stock touched a low of HKD 8.850 and a high of HKD 9.305 during the day, with an amplitude of 4.95%.

On the news front, on October 15, 2026, J&T GLOBAL EXPRESS released its operating data for the third quarter of 2026. In the third quarter, the company's total global parcel volume reached 9.584 billion parcels, up 24.8% year on year, with average daily parcel volume of 104 million parcels, exceeding 100 million for a second consecutive quarter; of which parcel volume in Southeast Asia was 2.886 billion parcels, up 44.5% year on year, parcel volume in China was 6.428 billion parcels, up 15.3% year on year, and parcel volume in other markets was 271 million parcels, up 159.5% year on year.

Nomura noted in a subsequent report that the company's overall parcel volume in the third quarter grew 24.8% year on year, above the company's guidance of 15% to 21% parcel volume growth for the second half; the broker raised its full-year parcel volume growth forecasts for China and other markets from 9% and 120% to 12% and 135% respectively.

It is understood that J&T Global Express Limited listed on the Main Board of HKEX on October 27, 2023 at an offer price of HKD 12.00, offering about 326.6 million shares globally (10% for the Hong Kong public offering and 90% for the international offering, with a 15% over-allotment option), raising net proceeds of about HKD 3.5279 billion; nine cornerstone investors — Aspex Management, Boyu Capital, D1 Capital, GLP, Sequoia, S.F. Holding, Temasek, Tencent and Hillhouse — subscribed for a total of USD 199.5 million. The company adopts a weighted voting rights structure, under which each Class A share carries 10 votes. The stock closed at HKD 12.00 on its debut, with a market capitalisation of HKD 105.7 billion; as at the intraday quote on October 21, it was quoted at HKD 8.860, down 26.2% cumulative from the offer price, with a market capitalisation of HKD 84.706 billion; the 52-week low was HKD 7.540.

In terms of shareholding structure, according to the company's 2024 interim report, Li Jie beneficially owns 979,333,410 Class A shares, representing about 55.56% of the company's voting rights; according to the HKEx disclosure of interests platform, the S.F. Holding interests (Wang Wei, Shenzhen Mingde Holding Development Co., Ltd.) declared holdings of 971,958,328 shares, or 11.06%, in June 2026, while Boyu Capital interests held 395,576,786 shares, or 4.99%, after a reduction on April 30, 2026.

Public listing documents and the interim report show that the family trust established by founder, chairman and chief executive officer Li Jie holds all of the company's Class A shares: Vistra Trust (Singapore) Pte. Limited acts as trustee of the trust, with Li Jie and his family as beneficiaries; the trustee holds the entire equity interest in Exceeding Summit Holding Limited, which in turn holds 95% of Jumping Summit Limited, and Jumping Summit Limited holds all of the company's Class A shares; Topping Summit Limited, wholly owned by Li Jie, holds the remaining 5% of Jumping Summit Limited. The name, establishment date and protector of the trust have not been disclosed.

Regarding offshore trusts, on July 24, 2026, the Ministry of Finance and the State Taxation Administration jointly issued the Announcement on Matters Concerning Individual Income Tax on Offshore Trusts (Announcement No. 21 of 2026), bringing the entire life cycle of an offshore trust — establishment, existence and termination — into the individual income tax administration system, establishing three look-through points of establishment, existence and termination with a uniform 20% tax rate. The announcement specifies that during the existence of an offshore trust, income generated by an individual resident's offshore trust and by overseas entities held or controlled by that trust, whether actually distributed or not, is taxable to that individual resident, who must file and pay individual income tax on an annual basis. Article 6 of the announcement specifies that where, during the existence of an offshore trust of an individual resident, the individual resident becomes a non-resident individual, the taxable income is the balance after deducting the original value from the market value of the offshore trust's property on the day the individual becomes a non-resident, and individual income tax must be filed and paid. The 90-day supplementary filing window set by the announcement runs from July 24, 2026.

On the operating side, the company's revenue in the first half of 2026 was USD 7.67 billion, up 39.5% year on year; profit for the period was USD 259 million, up 190.9% year on year; adjusted net profit was USD 350 million, up 124.3% year on year; the gross margin was 13.2%, up 3.4 percentage points year on year; total global parcel volume was 17.5 billion parcels, up 25.1% year on year; and revenue from markets outside China accounted for 50% of total revenue for the first time. Operating cash flow for the period was USD 640 million, up 50.9% year on year; as at the end of June, cash-like assets, including cash and cash equivalents, restricted cash and wealth management products, totalled USD 2.91 billion. For the full year 2025, revenue was USD 12.16 billion, up 18.5% year on year, and adjusted net profit was USD 430 million, up 112.3% year on year. In the first half of 2026, the company repurchased 99.318 million shares and, on June 25, raised the size of its new repurchase programme to HKD 2 billion; in June 2026, the company was included as a constituent of the Hang Seng Index.

Morgan Stanley believes that the company's first-half results were strong, with Southeast Asian volume up 71% year on year and other overseas markets up 120%; after management raised its full-year guidance, Southeast Asia is expected to grow 35% to 43% and other overseas markets 86% to 120%, outperforming peers focused on the Chinese market; the company's China business contributes relatively little profit, and it is less exposed to adverse effects from the mainland macroeconomic environment.