BEST Inc the latest Chinese logistics firm to raise funds through listing
21 / 09 / 2017
BEST Inc has become the latest Chinese express and logistics firm to raise funds through an IPO.
The Alibaba-backed company raised $450m through a listing on the New York Stock Exchange in what is the largest IPO of a Chinese firm in the US since ZTO Express raised $1.4bn in October last year.
BEST Inc, in which e-commerce giant Alibaba has a 23.4% stake, and ZTO are not the only Chinese express firms to have raise funds through a listing. SF Express, Yunda Express and YTO Express have raised funds in China.
In August, SF Express raised around $1.2bn to fund an expansion of its fleet of aircraft and bolster its international business.
BEST Inc chief executive Johnny Chou said: “Today marks a pivotal moment in the growth and development of our company, and we are delighted to be listed on the New York Stock Exchange, shoulder to shoulder with the world’s leading global brands.
“We thank our customers, partners, employees and investors for their ongoing support. We look forward to creating more value for our shareholders going forward through our cutting-edge technology and innovative business model.”
The logistic firm services include B2B and B2C supply chain management, express and less-than-truckload delivery, as well as cross-border supply chain management and a real-time bidding platform to source truckload capacity.
BEST's last-mile services include online merchandise sourcing and store management for convenience stores and B2C services.