BEST Inc. Announces Strategic Partnership with Sinolink Yongfu Asset Management
BEST Inc. (NYSE: BEST), a leading logistics services provider in China, has signed a strategic partnership with Sinolink Yongfu Asset Management. As part of this agreement, BEST sold RMB517 million in assets related to its B2C truck leasing business. This transaction aims to reinforce BEST's balance sheet, enhance liquidity, and allow a greater focus on its core logistics operations. CFO Gloria Fan emphasized that the move will optimize cash flow and resource allocation for future growth.
- Sale of assets worth RMB517 million enhances liquidity and strengthens the balance sheet.
- Partnership with Sinolink is expected to lead to further strategic initiatives.
- None.
- As the initial step to the partnership, BEST has sold RMB517 million worth of assets related to its BEST Capital unit to Sinolink
- Transaction will allow BEST to reinforce its balance sheet, enhance liquidity and allow a greater focus on its core businesses
HANGZHOU, China, March 12, 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 that it has signed a strategic partnership agreement with Sinolink Yongfu Asset Management ("Sinolink"), a subsidiary of Sinolink Securities.
According to the agreement, the Company has initially sold RMB517 million worth of its assets pertaining to its external B2C truck leasing business to Sinolink. BEST is also expected to partner with Sinolink to explore further strategic initiatives in the future.
Gloria Fan, Chief Financial Officer of BEST Inc., said, "This transaction demonstrates our commitment to improve the Company's balance sheet and enhance liquidity. Our partnership with Sinolink will optimize our cash flow and allow us to focus more resources on the growth of our core logistics businesses."
ABOUT BEST INC.
BEST Inc. (NYSE: BEST) is a leading integrated smart supply chain solutions and logistics services provider in China. Through its proprietary technology platform and extensive networks, BEST offers a comprehensive set of logistics and value-add services, including express and freight delivery, supply chain management and last-mile services, truckload service brokerage, international logistics and financial 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/.
For investor and media inquiries, please contact:
BEST Inc. Investor relations team
ir@best-inc.com
The Piacente Group, Inc.
Yang Song
Tel: +86-10-6508-0677
E-mail: best@tpg-ir.com
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: best@tpg-ir.com
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 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.
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SOURCE BEST Inc.
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