Best Inc Stock Price, News & Analysis

BEST Inc. (NYSE: BEST) announced that shareholders approved the merger agreement at an extraordinary general meeting (EGM) held on February 18, 2025. The merger involves BEST Global Partners and Phoenix Global Partners, where BEST will become a wholly-owned subsidiary of BEST Global Partners.

The merger received strong shareholder support with over 62% of total outstanding shares participating in the vote, representing approximately 95% of total outstanding voting rights. The proposal was approved by over 99% of votes cast at the EGM.

Upon completion of the merger, which remains subject to satisfaction of conditions set forth in the agreement, BEST Inc. will become a private company. Consequently, its ADSs will be delisted from the New York Stock Exchange and its ADS program will be terminated.

BEST Inc. (NYSE: BEST) has received a notice from the NYSE Regulation on January 6, 2025, indicating non-compliance with continued listing requirements due to delayed filing of its Form 6-K containing semi-annual financial information for the half year ended June 30, 2024. The company attributes the delay to its focus on a previously announced going private transaction. Upon completion of the privatization, BEST will transition to a privately held company, and its Class A ordinary shares will be delisted from the NYSE.

BEST Inc., a leading provider of smart supply chain and logistics services, has officially launched cross-border supply chain services and SaaS solutions in Indonesia. This expansion marks a significant step in BEST's strategic layout in Southeast Asia, following investments in Thailand, Vietnam, Malaysia, Singapore, and the Philippines. BEST's global service revenue in 2023 reached RMB 947 million (USD 133 million), with parcel volume in Southeast Asia increasing by 14.6% to about 140 million pieces.

Indonesia, as the largest economy in Southeast Asia, is expected to grow by 5% in 2024 and 5.1% in 2025 and 2026, according to the World Bank. BEST Inc. aims to leverage its technological advantages and expand its service network to meet customer needs in this promising market.

BEST Inc. (NYSE: BEST) has entered into a definitive agreement for a 'going private' transaction with BEST Global Partners and Phoenix Global Partners. The merger, valued at approximately $54.2 million, will make BEST an indirect, wholly-owned subsidiary of BEST Global Partners. Each American Depository Share (ADS) will be exchanged for $2.88 in cash, representing a premium of 25.2% over the closing price on June 18, 2024. The transaction is expected to close in Q3 2024, subject to shareholder approval and customary closing conditions. Upon completion, BEST’s ADSs will be delisted from the NYSE.

BEST Inc. (NYSE: BEST) announced its unaudited financial results for Q1 2024, reporting revenue of RMB1,942.0 million (US$269.0 million), a 13.2% increase year-over-year. Gross profit was RMB55.2 million (US$7.6 million), reversing a gross loss from the previous year. Net loss from continuing operations improved to RMB172.1 million (US$23.8 million) from RMB257.6 million in Q1 2023. Diluted loss per ADS from continuing operations was RMB8.69 (US$1.20), down from RMB12.38. Adjusted EBITDA was negative RMB126.3 million (US$17.5 million), an improvement from negative RMB206.8 million.

BEST Freight saw a 16.3% revenue growth, while BEST Global's revenue increased by 42.6%, driven by e-commerce and cross-border business growth. However, BEST Supply Chain Management's revenue declined by 6.6% due to discontinuation of non-profitable key accounts. Operating expenses were reduced by 11.3% of revenue. Cash and cash equivalents stood at RMB2,095.8 million (US$290.3 million). The company terminated its share repurchase program, having repurchased 1,265,685 ADSs for US$3.3 million.