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BEST Inc. (NYSE: BEST) is a premier smart supply chain solutions and logistics services provider, primarily operating in China and Southeast Asia. The company uses its proprietary technology platform to enable participants in its ecosystem to manage their business operations via various SaaS-based applications. BEST Inc. applies its technological innovations to network and route optimization, swap bodies, sorting line automation, smart warehouses, and store management, among others. The company offers a broad array of integrated services and solutions across the supply chain, encompassing warehouse management, order fulfillment, express delivery, freight, and other related services.
BEST Inc. serves a diverse client base, including multinational corporations and small and medium-sized enterprises. Its express delivery services are complemented by door-to-door integrated cross-border supply chain services, facilitating international express, less-than-truckload, fulfillment, and freight forwarding through its extensive network of transportation and warehouse partners. With a focus on digital transformation, the company continues to enhance service quality and operational efficiency, ensuring a smarter, more efficient supply chain.
Recent achievements include solid financial performance in the second quarter of 2023, with notable improvements in gross margin and net loss reduction. Both BEST Freight and BEST Supply Chain Management reported positive operating cash flow. The company also saw significant growth in its cross-border business. Strategic partnerships, such as the recent collaboration with Techcombank for promoting cashless payments, demonstrate BEST Inc.'s commitment to innovation and enhancing customer experience.
Despite facing challenges such as compliance with NYSE listing standards, BEST Inc. remains steadfast in its mission to empower businesses and enrich life through technology. The ongoing strategic initiatives and refocusing plans aim to drive sustainable growth and long-term value creation.
For the latest updates and detailed information, please visit the company’s investor relations website: http://www.best-inc.com/en/.
BEST Inc. (NYSE: BEST), a leading supply chain solutions provider in China, announced on June 9, 2022, that it has regained compliance with the NYSE's continued listing standards. The NYSE notified BEST on June 2, 2022, that its average stock price had exceeded the $1 minimum requirement after a period of non-compliance due to low stock prices. On May 20, 2022, BEST executed a one-for-five reverse stock split to boost its stock price. This compliance regains stability for BEST's listing on the NYSE.
BEST Inc. (NYSE: BEST) reported a decline in Q1 2022 revenue to RMB 1,802.6 million (US$284.4 million), down 35.2% YOY, primarily due to winding down the UCargo business. Gross loss was RMB 76.8 million (US$12.1 million), compared to a profit last year. The company improved freight on-time delivery rates by 14% YOY and maintained a net cash position of RMB 1.5 billion. Despite these challenges, BEST aims to capture growth in an easing pandemic environment, focusing on technology-driven supply chain solutions.
BEST Inc. (NYSE: BEST), a leading smart supply chain solutions provider in China, will announce its Q1 2022 financial results on June 8, 2022, post U.S. market closure. A conference call to discuss these results is scheduled for 9:00 PM ET on the same day. Interested parties can access the call via multiple contact numbers or through BEST's investor relations website. The company aims to enhance supply chain efficiency through its innovative technology.
BEST Inc. (NYSE: BEST) announced the resignation of director Mark Qiu, effective May 6, 2022, due to personal reasons. Qiu has served since 2011 and will continue as a strategic advisor. The company appointed Ying Wu and Klaus Anker Petersen as independent directors. Wu will chair both the audit and compensation committees. With over 35 years of experience, Wu has managed approximately US$2 billion in assets and co-founded UTStarcom. Petersen brings over 20 years of experience in retail and e-commerce logistics. These appointments aim to enhance strategic oversight at BEST.
BEST Inc. (NYSE: BEST) announced a change in the ADS Ratio, moving from one ADS to one Class A ordinary share to one ADS for five Class A ordinary shares, effective around May 20, 2022. This adjustment functions as a one-for-five reverse share split for ADS holders, who will exchange five existing ADSs for one new ADS. The change will not affect the underlying Class A shares. While the ADS trading price is expected to increase proportionally, no assurance is given regarding its performance post-change.
BEST Inc. (NYSE: BEST), a prominent logistics services provider in China, has filed its annual Form 20-F report for the fiscal year ending December 31, 2021, with the SEC on April 18, 2022. The report provides audited consolidated financial statements and is accessible via the SEC's website and BEST’s investor relations site. Shareholders can request a hard copy of the report free of charge. This announcement includes forward-looking statements regarding the company’s strategies and market conditions.
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.
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