Indonesia-headquartered courier startup J&T Express has raised $2.5 billion in a funding round at a valuation of $20 billion, ahead of its plan to list in Hong Kong which could happen as soon as first quarter next year, Reuters reported on Wednesday.

J&T’s main backers Boyu Capital, Hillhouse Capital Group and Sequoia Capital China, and Chinese internet giant Tencent Holdings were among investors in the latest fundraising, according to the report, quoting two people familiar with the matter.

Quoting a separate source, Reuters reported that the funding round has also attracted new investors including SIG China, the Chinese investment arm of proprietary trading and broker-dealer firm Susquehanna International Group.

The fundraising by J&T comes as it seeks to expand in China and Latin America.

In August, Bloomberg reported that J&T Express is considering shifting its planned US initial public offering to Hong Kong.

J&T had previously planned to seek a US IPO as soon as the fourth quarter, Bloomberg reported in April.

Founded in 2015, J&T Express has operations in Indonesia, Cambodia, China, Malaysia, the Philippines, Thailand, Singapore, and Vietnam, information from its website showed.

Featured image credit: J&T Express

Indonesia’s J&T Express eyes shifting US IPO to Hong Kong – report