Welcome to our dedicated page for Best news (Ticker: BEST), a resource for investors and traders seeking the latest updates and insights on Best stock.
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 its 2022 annual general meeting (AGM) to be held on November 9, 2022, at 10:00 a.m. in Hangzhou, China. No proposals will be presented for shareholder approval; instead, the AGM will function as a forum for shareholder discussions with management. The record date for eligible shareholders is set for October 7, 2022. Additionally, BEST has filed its annual report on Form 20-F with the SEC, containing audited financial statements for the fiscal year ending December 31, 2021, available on its investor relations website.
BEST Inc. (NYSE: BEST) reported its Q2 2022 results, revealing a revenue of RMB1,926.4 million, down 37.7% year-over-year due to the winding down of its UCargo business and the impacts of COVID-19. Gross loss was RMB93.8 million, contrasting with a gross profit of RMB86.2 million in Q2 2021. The net loss from continuing operations widened to RMB337.1 million. Despite these setbacks, BEST Supply Chain Management achieved profitability, while BEST Freight's net loss narrowed significantly by RMB115.7 million. The company maintains a solid cash position of RMB4.4 billion, focusing on recovery and strategic refocusing.
BEST Inc. (NYSE: BEST), a leader in smart supply chain solutions in China and Southeast Asia, will release its unaudited financial results for Q2 2022 after U.S. markets close on August 17, 2022. A conference call to discuss the results is scheduled for 9:00 PM ET on the same day. Interested participants can join by dialing the provided numbers. An archived replay will be available until August 24, 2022. BEST aims to enhance supply chain efficiency through technology and innovation, focusing on logistics and value-added services.
BEST Inc. (NYSE: BEST), a leading supply chain solutions provider in China, announced on June 9, 2022, that it has regained compliance with the NYSE's continued listing standards. The NYSE notified BEST on June 2, 2022, that its average stock price had exceeded the $1 minimum requirement after a period of non-compliance due to low stock prices. On May 20, 2022, BEST executed a one-for-five reverse stock split to boost its stock price. This compliance regains stability for BEST's listing on the NYSE.
BEST Inc. (NYSE: BEST) reported a decline in Q1 2022 revenue to RMB 1,802.6 million (US$284.4 million), down 35.2% YOY, primarily due to winding down the UCargo business. Gross loss was RMB 76.8 million (US$12.1 million), compared to a profit last year. The company improved freight on-time delivery rates by 14% YOY and maintained a net cash position of RMB 1.5 billion. Despite these challenges, BEST aims to capture growth in an easing pandemic environment, focusing on technology-driven supply chain solutions.
Summary not available.
BEST Inc. (NYSE: BEST), a leading smart supply chain solutions provider in China, will announce its Q1 2022 financial results on June 8, 2022, post U.S. market closure. A conference call to discuss these results is scheduled for 9:00 PM ET on the same day. Interested parties can access the call via multiple contact numbers or through BEST's investor relations website. The company aims to enhance supply chain efficiency through its innovative technology.
BEST Inc. (NYSE: BEST) announced the resignation of director Mark Qiu, effective May 6, 2022, due to personal reasons. Qiu has served since 2011 and will continue as a strategic advisor. The company appointed Ying Wu and Klaus Anker Petersen as independent directors. Wu will chair both the audit and compensation committees. With over 35 years of experience, Wu has managed approximately US$2 billion in assets and co-founded UTStarcom. Petersen brings over 20 years of experience in retail and e-commerce logistics. These appointments aim to enhance strategic oversight at BEST.
BEST Inc. (NYSE: BEST) announced a change in the ADS Ratio, moving from one ADS to one Class A ordinary share to one ADS for five Class A ordinary shares, effective around May 20, 2022. This adjustment functions as a one-for-five reverse share split for ADS holders, who will exchange five existing ADSs for one new ADS. The change will not affect the underlying Class A shares. While the ADS trading price is expected to increase proportionally, no assurance is given regarding its performance post-change.
BEST Inc. (NYSE: BEST), a prominent logistics services provider in China, has filed its annual Form 20-F report for the fiscal year ending December 31, 2021, with the SEC on April 18, 2022. The report provides audited consolidated financial statements and is accessible via the SEC's website and BEST’s investor relations site. Shareholders can request a hard copy of the report free of charge. This announcement includes forward-looking statements regarding the company’s strategies and market conditions.
FAQ
What is the current stock price of Best (BEST)?
What is the market cap of Best (BEST)?
