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BEST Inc. (formerly listed on the NYSE under the symbol BEST) is described in its public announcements as an integrated smart supply chain solutions and logistics services provider in China and Southeast Asia. Company news has focused on its freight delivery, supply chain management, cross-border and global logistics services, all supported by a proprietary technology platform and extensive logistics networks.
News coverage for BEST Inc. has included regular financial results, where the company reported revenue and segment performance for BEST Freight, BEST Supply Chain Management and BEST Global. These updates have highlighted changes in freight volume, parcel volume in Southeast Asia, cross-border business activity and the cost structure of its logistics operations.
Other announcements have described BEST’s expansion and strategic moves in Southeast Asia, such as the launch of cross-border supply chain services and SaaS solution services in Indonesia and the development of logistics networks in markets like Thailand, Vietnam, Malaysia, Singapore and the Philippines. These releases provide context on the company’s regional logistics footprint and its focus on smart supply chain services.
A significant portion of recent news has also related to corporate and listing developments. BEST Inc. issued statements about receiving NYSE notices on continued listing standards, entering into an Agreement and Plan of Merger to pursue a going-private transaction, shareholder approval of the merger agreement and, ultimately, completion of the merger with Phoenix Global Partners and BEST Global Partners. Following that merger, the company reported that it became a wholly owned subsidiary of BEST Global Partners and ceased to be a publicly traded company, with steps initiated for suspension of trading, delisting and deregistration of its ADSs.
Investors and researchers reviewing BEST-related news can use this history to understand how the company described its logistics operations, regional strategy and transition from a listed issuer to a privately held company.
BEST Inc. (NYSE: BEST) has announced the completion of its going private transaction through a merger with Phoenix Global Partners. The merger, approved by shareholders on February 18, 2025, results in BEST becoming a wholly owned subsidiary of BEST Global Partners.
Under the merger terms, each American Depositary Share (ADS) representing twenty Class A ordinary shares will receive US$2.88 in cash, while each ordinary share will receive US$0.144 in cash. Trading of BEST's ADSs on the NYSE will be suspended on March 10, 2025, and the company will initiate the delisting process by filing Form 25 with the SEC.
The company plans to suspend its SEC reporting obligations by filing Form 15 approximately ten days after Form 25 submission. The deregistration will become effective 90 days after Form 25 filing or earlier as determined by the SEC.
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.
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