(Yicai Global) Sept. 1 -- Tencent Holdings has dismissed a report that the Chinese internet titan is in negotiations with southeast Asian courier J&T Express about a USD1 billion round of financing.

The report is false, Shenzhen-based Tencent said today, according to the National Business Daily.

J&T Express aims to raise more than USD1 billion from Tencent and other investors at a pre-money valuation of USD20 billion, The Information reported yesterday, citing people familiar with the matter. The investment could make J&T one of Asia’s most highly valued startup, it added.

J&T was founded in Indonesia in 2015 by Jet Lee, a former executive of the Indonesian branch of Chinese handset maker Oppo. It took just four years for the company to become a leading express courier in Southeast Asia.

It entered the Chinese market last March, igniting a fierce pricing war. J&T completes around 20 million daily orders, also due to the cooperation with fast-growing e-commerce platforms Pinduoduo and Shopee, operating in China and Southeast Asia, respectively.

J&T started a round of financing in February, and completed it recently, raising the expected amount of USD250 million, according to a LatePost report. The proceeds were mainly used to expand in the Middle East and Latin America.

The firm also completed a USD1.8 billion fundraiser in April, led by Boyu Capital. Other investors such as Hillhouse Capital Group and Sequoia Capital China also took part.

Editor: Futura Costaglione