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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) reported its financial results for Q4 and FY 2021, revealing a revenue of RMB 2.7 billion, a 20.3% decrease YoY, primarily due to the cessation of the UCargo business. Despite this, the company recorded a net income of RMB 1.9 billion due to the sale of its China express business. BEST expects core segment revenue growth of 15-20% YoY in 2022. The gross loss for Q4 was RMB 228.4 million, with a net loss of RMB 734.1 million. The full-year revenue was RMB 11.4 billion, an 8.5% increase YoY, supported by significant growth in Global services.
BEST Inc. (NYSE: BEST) announced the resignation of Mr. Jun Chen from its board of directors, effective February 17, 2022. Chen, nominated by Alibaba and Cainiao Smart Logistics, served since 2015. CEO Johnny Chou expressed gratitude for Chen's contributions. Concurrently, Ms. Xiao Hu has been appointed as an Alibaba Director. Hu, a managing director at Alibaba, brings extensive experience from her previous roles at Merrill Lynch and Citigroup. This transition may signify strategic shifts in BEST's leadership and influence from Alibaba.
BEST Inc. (NYSE: BEST), a leading integrated smart supply chain solutions and logistics services provider in China, will release its unaudited financial results for Q4 and full-year 2021 on March 8, 2022, post U.S. market closure. The conference call for discussing these results is scheduled at 8:00 PM EST on the same day. The company emphasizes its mission to enhance supply chain efficiency through technology and innovation. For more details, visit BEST's investor relations website.
BEST Inc. (NYSE: BEST), a leading integrated smart supply chain solutions provider in China, received a notification from the NYSE on January 5, 2022, indicating non-compliance with the exchange's price criteria. The average closing price of its American Depositary Shares (ADSs) fell below $1.00 for a consecutive 30-day trading period as of January 4, 2022. BEST has a six-month 'Cure Period' to rectify this issue and has notified the NYSE of its intent to comply. The ADSs will continue to trade during this period, while the company adheres to other listing standards.
BEST Inc. (NYSE: BEST) has successfully completed the sale of its express delivery business in China to J&T Express Co., Ltd. for approximately RMB6.8 billion (US$1.1 billion). This transaction, finalized on December 17, 2021, follows regulatory approval and is expected to significantly enhance BEST's balance sheet and profitability. CEO Johnny Chou stated this move allows the company to refocus on its core competencies in integrated supply chain, freight, and global logistics services, ultimately aiming to deliver enhanced value to customers and shareholders.
BEST Inc. reported a 14.6% decline in revenue for Q3 2021, totaling RMB 6.8 billion (US$1.06 billion). The decline was mainly driven by lower average selling prices in the Express and Freight segments, resulting in a gross loss of RMB 505.1 million (US$78.4 million). Despite challenges, BEST achieved a 78.7% year-over-year increase in parcel volume in Southeast Asia. The company anticipates strategic improvements and plans to enhance liquidity through a transaction with J&T Express to boost financial flexibility and profitability.
BEST Inc. (NYSE: BEST), a top integrated smart supply chain solutions and logistics provider in China, will announce its unaudited financial results for the third quarter ending September 30, 2021, on November 16, 2021, after U.S. market close. A conference call is scheduled for 8:00 PM ET the same day. BEST offers comprehensive logistics services, including express delivery and supply chain management. Investors can access the earnings release via the company's investor relations website before the call.
BEST Inc. (NYSE: BEST) announced the sale of its express delivery business in China to J&T Express for approximately RMB6.8 billion (US$1.1 billion). BEST expects to receive about RMB3.9 billion (US$0.6 billion) in cash from the transaction. This move is part of BEST's strategy to focus on its core competencies in supply chain management and logistics services, enhancing its balance sheet and improving profitability. The sale is subject to closing conditions and regulatory approvals, with an expected completion in Q1 2022.
BEST Inc. (NYSE: BEST) announced its 2021 annual general meeting (AGM) scheduled for October 20, 2021, at 10:00 a.m. Beijing time in Hangzhou, China. The meeting will not include any proposals for shareholder approval but will serve as a platform for discussions between shareholders and management. The record date to attend the AGM is set for September 17, 2021. Additionally, BEST has filed its annual report for the fiscal year ending December 31, 2020, accessible on both its investor relations website and the SEC's site.
BEST Inc. (NYSE: BEST) announced its Q2 2021 financial results, reporting revenue of RMB7.4 billion, a 5% year-over-year decline, primarily due to reduced average selling prices in its Express and Freight segments. The company reported a net loss of RMB467.5 million, compared to a net profit in the same quarter last year. Despite a dip in revenue, BEST's Freight business returned to profitability with a 2% revenue increase.
Management remains optimistic about future growth, highlighting a 140.7% increase in parcel volume in Southeast Asia and a strategic refocus aimed at improved profitability.
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