J&T Global Express Ltd

King Gen Public Company Limited, or KGEN, disclosed that Rayong Wire Industries Public Company Limited, or RWI, has taken a stake in KGEN through a private placement subscription of newly issued ordinary shares worth no more than 250 million baht, at a price of no more than 1.35 baht per share, representing approximately 7.68% of the shares after the capital increase, with total investment of no more than 252 million baht. RWI will also receive the right to subscribe to KGEN-W3 warrants in proportion to its existing shareholding, worth no more than 2 million baht. The maximum transaction size of 24.67% qualifies as a Type 3 transaction, which requires approval from a shareholders' meeting by a vote of no less than three-quarters. An extraordinary shareholders' meeting, the first of 2026, has been scheduled for Thursday, October 22, 2026. Khanit Sivachiraprapha, Chairman of the Advisory Board of KGEN, said the partnership will strengthen the domestic supply chain for automotive parts production, in line with the policy of increasing the use of locally made parts in electric vehicle production under cooperation with the CHERY brand. RWI specialises in the production of cold-drawn steel, which is used to make automotive parts. KGEN has so far produced 20,000 vehicles, with EV production capacity of approximately 5,000 vehicles per month, and expects capacity to rise by another 15,000 to 20,000 vehicles in the final three months of the year, bringing total production for the year to around 40,000 vehicles. Year-end bookings are expected to accelerate on the back of the Motor Expo in December, where two to three new electric vehicle models will be unveiled. The company has also signed an agreement to support a transport fleet for J&T Express, including the use of electric pickup trucks for deliveries of no more than 400 kilometres.

Yadea Philippines and J&T Express have announced a strategic partnership to accelerate electric vehicle adoption in the Philippine logistics sector, starting with a pilot of 1,000 electric delivery tricycles in Manila before nationwide expansion. Yadea, the world's top-selling electric two-wheeler brand for nine consecutive years, will supply its ST13 electric delivery tricycle designed for high-frequency urban dispatch, featuring a weight-reducing mesh cargo box and puncture-resistant tires. The collaboration aims to integrate electric vehicles into J&T Express's last-mile operations, with both companies citing improved delivery efficiency and a shared commitment to low-carbon urban logistics.

J&T Global Express reported first-half 2026 results with total revenue up 35.5% year-over-year to $7.67 billion and adjusted net profit up 124.3% to $350 million. Core express delivery revenue rose 39.6% to $7.5 billion, while gross profit jumped 88.4% to $1.01 billion, lifting gross margin from 9.8% to 13.2%. Total parcel volume grew 25.1% to 17.5 billion parcels, with Southeast Asia volume surging 71.2% and non-China markets contributing 50% of revenue for the first time. The company also raised its 2026 capital expenditure guidance to $800-900 million and approved a new HK$2 billion share buyback program.