HANGZHOU, China, Dec. 17, 2021 /PRNewswire/ -- BEST Inc. (NYSE:
BEST) ("BEST" or the "Company"), a leading integrated smart supply
chain solutions and logistics services provider in China, today announced the closing and
completion of its previously announced sale of its express delivery
business in China (the "Business")
to J&T Express Co., Ltd. ("J&T Express China"), a PRC
limited liability company and a logistics services provider in
China, at approximately
RMB6.8 billion (US$1.1 billion) enterprise value, contemplated by
the definitive agreement entered into by the parties dated
October 29, 2021 (the
"Agreement").
The Agreement has been approved by relevant regulatory agencies.
The final transaction has been completed pursuant to the terms of
the Agreement, and the Business has been transferred to J&T
Express China.
Johnny Chou, Founder, Chairman
and CEO of BEST, commented, "We are pleased with the outcome of
this transaction. Its successful culmination allows us to further
prioritize and reinforce our efforts in supply chain-based
logistics solutions while also significantly improving our balance
sheet and profitability. Moving forward, we will firmly center our
business on three key pillars – integrated supply chain, freight
and global logistics services. We are confident that focusing on
these core competencies will enable us to deliver enhanced value
for our customers and shareholders."
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as BEST's strategic and operational plans,
contain forward-looking statements. BEST may also make written or
oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the "SEC"), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about BEST's beliefs and expectations,
are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: BEST's goals and strategies; BEST's future business
development, results of operations and financial condition; BEST 's
ability to maintain and enhance its ecosystem; BEST 's ability to
compete effectively; BEST 's ability to continue to innovate, meet
evolving market trends, adapt to changing customer demands and
maintain its culture of innovation; fluctuations in general
economic and business conditions in China and other countries in which BEST
operates, and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in BEST's filings with the SEC. All information provided
in this press release and in the attachments is as of the date of
this press release, and BEST does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
ABOUT BEST INC.
BEST Inc. (NYSE: BEST) is a leading integrated smart supply
chain and logistics solutions provider. Through its proprietary
technology platform and extensive networks, BEST offers a
comprehensive set of logistics and value-add services, including
supply chain management, freight delivery, and international
logistics. BEST's mission is to empower business and enrich life by
leveraging technology and business model innovation to create a
smarter, more efficient supply chain. For more information, please
visit: http://www.best-inc.com/en/.
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SOURCE BEST Inc.