BEST Inc. Announces Share Repurchase Program

Rhea-AI Summary

BEST Inc. (NYSE: BEST) announced a share repurchase program authorized by its board of directors. The program allows for the repurchase of up to US$20 million worth of American Depositary Shares (ADSs) over the next 12 months. The repurchases will occur through open market transactions and other methods, based on market conditions. BEST plans to use its available working capital for funding. This initiative is expected to align with shareholder interests, as the company seeks to enhance shareholder value.

Positive

• Share repurchase program authorized for up to US$20 million, indicating confidence in the company's financial health.
• Expected to enhance shareholder value and potentially impact stock price positively.

Negative

• None.

HANGZHOU, China, March 8, 2023 /PRNewswire/ -- BEST Inc. (NYSE: BEST) ("BEST" or the "Company"), a leading integrated smart supply chain solutions and logistics services provider in China and Southeast Asia, today announced that its board of directors has authorized a share repurchase program, under which BEST may repurchase up to US$20 million worth of its outstanding American Depositary Shares ("ADSs") over the next 12 months.

The Company's proposed repurchases may be made from time to time through open market transactions at prevailing market prices, privately negotiated transactions, block trades or any combination thereof, depending on market conditions and the trading price of the Company's ADSs, among other factors, and in accordance with applicable rules and regulations. BEST's board of directors will review the share repurchase program periodically, and may amend the terms of the program.

BEST expects to implement this share repurchase program in a manner consistent with the interests of its shareholders and in compliance with the Company's policies governing trading of securities. BEST plans to fund the repurchases from its available working capital.

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 solutions and logistics services provider in China and Southeast Asia. Through its proprietary technology platform and extensive networks, BEST offers a comprehensive set of logistics and value-added services, including freight delivery, supply chain management and global logistics services. 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.

FAQ

What is the purpose of BEST's share repurchase program?

The share repurchase program aims to enhance shareholder value and reflect confidence in the company's financial health.

How much does BEST plan to repurchase under the program?

BEST plans to repurchase up to US$20 million worth of its outstanding American Depositary Shares.

When will BEST implement the share repurchase program?

The repurchase program will be implemented over the next 12 months, depending on market conditions.

How will BEST fund the share repurchase?

BEST plans to fund the repurchases from its available working capital.

What factors will influence BEST's repurchase decisions?

The repurchase decisions will depend on market conditions, trading prices, and compliance with applicable rules and regulations.