Sources familiar with the matter revealed that the logistics business J&T Express secured $2 billion in its most recent fundraising round from investors such as Temasek Holdings Pte.

The fund comes as the company inches closer to receiving permission for an initial public offering in Hong Kong, cited Bloomberg.

Existing backers Hillhouse Capital, Boyu Capital, and Sequoia Capital China also partook in the financing, according to the sources, who requested anonymity due to the nature of the situation.

The fresh round, which valued J&T Express at $20 billion, comes to an end at the end of 2021.

In addition to Temasek, the logistics firm has attracted several new financiers, including Susquehanna International Group's Chinese investment arm and Hidden Hill Capital, the private Chinese equity platform of logistics-focused investment manager GLP Pte.

Founded in 2015, J&T Express offers its express services and cross-border logistics in a network of 10 countries, including China, Indonesia, Vietnam, and Singapore. According to its official statement, the business extended its express network into the United Arab Emirates and Saudi Arabia in January.

After three years of presence in Vietnam, J&T Express aims to open the largest transit centre in the country, covering an area of up to 60,000 square metres to enhance its quality.

This is J&T Express's 37^th transit centre, which is scheduled to open in early 2022, thus boosting the unit's total transit centre space to 168,000 square metres.