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BEST Inc. (formerly listed on the NYSE under the symbol BEST) is described in its public announcements as an integrated smart supply chain solutions and logistics services provider in China and Southeast Asia. Company news has focused on its freight delivery, supply chain management, cross-border and global logistics services, all supported by a proprietary technology platform and extensive logistics networks.
News coverage for BEST Inc. has included regular financial results, where the company reported revenue and segment performance for BEST Freight, BEST Supply Chain Management and BEST Global. These updates have highlighted changes in freight volume, parcel volume in Southeast Asia, cross-border business activity and the cost structure of its logistics operations.
Other announcements have described BEST’s expansion and strategic moves in Southeast Asia, such as the launch of cross-border supply chain services and SaaS solution services in Indonesia and the development of logistics networks in markets like Thailand, Vietnam, Malaysia, Singapore and the Philippines. These releases provide context on the company’s regional logistics footprint and its focus on smart supply chain services.
A significant portion of recent news has also related to corporate and listing developments. BEST Inc. issued statements about receiving NYSE notices on continued listing standards, entering into an Agreement and Plan of Merger to pursue a going-private transaction, shareholder approval of the merger agreement and, ultimately, completion of the merger with Phoenix Global Partners and BEST Global Partners. Following that merger, the company reported that it became a wholly owned subsidiary of BEST Global Partners and ceased to be a publicly traded company, with steps initiated for suspension of trading, delisting and deregistration of its ADSs.
Investors and researchers reviewing BEST-related news can use this history to understand how the company described its logistics operations, regional strategy and transition from a listed issuer to a privately held company.
BEST Inc. reported its financial results for Q3 2020, showing revenue of RMB8.7 billion (US$1.3 billion), a 0.6% YoY decline. Despite a 24.8% growth in Express parcel volume, the average selling price (ASP) fell by 21.9%, leading to a gross profit of RMB37.6 million (US$5.5 million), a staggering 92.6% decrease YoY. The company posted a net loss of RMB639.5 million (US$94.2 million) compared to a loss of RMB6.7 million in Q3 2019. Management announced a strategic refocus on core logistics and supply chain businesses amid competitive pressure.
BEST Inc. (NYSE: BEST) announced the wind down of its BEST Store+ business, aiming to reduce cash flow pressures and focus on its core logistics operations. The Company plans to cease Store+ operations by year-end, excluding self-operated WoWo stores, while transferring the online sourcing platform to third parties. CEO Johnny Chou emphasized that this strategic decision aligns with enhancing profitability and shareholder value. Additionally, management changes were made, appointing Xiaoqing Wang as Vice President of BEST Express, replacing Shaohua Zhou.
BEST Inc. (NYSE: BEST) will announce its third-quarter 2020 financial results on November 19, 2020, after U.S. market close. A conference call to discuss these results is scheduled for 9:00 PM EST on the same date, with available access numbers from various regions. Investors can follow the conference via BEST's investor relations website. The company, a top integrated smart supply chain solutions provider in China, aims to enhance supply chain efficiency through technology.
BEST Inc. (NYSE: BEST) announced the launch of a new cross-border e-commerce logistics service between China and Malaysia, in partnership with Cainiao Smart Logistics Network. This service will enhance customs clearance, sea freight forwarding, overseas warehousing, and last-mile delivery, allowing Malaysian consumers to receive parcels as quickly as the next day post-customs clearance. As part of BEST's expansion in Southeast Asia, the company aims to support local SMEs and facilitate e-commerce growth, with plans for 270 service stations and advanced sorting technology within the next three years.
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BEST Inc. announced its 2020 annual general meeting of shareholders will take place on October 21, 2020, at the Sheraton Grand Hangzhou Wetland Park Resort, China. The meeting will serve as a forum for shareholders to discuss company affairs, without any proposals for approval. The record date for eligible shareholders is September 18, 2020. Additionally, BEST has filed its annual report for the fiscal year ending December 31, 2019, with audited financial statements available on their investor relations website and the SEC's website.
BEST Inc. (NYSE: BEST) reported its financial results for Q2 2020, revealing a 4.2% year-over-year decline in revenue to RMB8.42 billion (US$1.19 billion). Despite a net loss of RMB30.9 million, the company improved its gross profit by 9.6% to RMB570 million. The gross margin increased by 0.9 percentage points to 6.8%. Adjusted EBITDA reached RMB158 million, signaling effective cost management amid the pandemic recovery. BEST’s Express and Freight segments saw volume growth of 19.3% and 28.9% respectively, while the company expanded in Southeast Asia, launching services in Malaysia, Singapore, and Cambodia.
BEST Inc. (NYSE: BEST), a prominent supply chain solutions provider in China, announced it will release its unaudited Q2 2020 financial results on August 17, 2020, after U.S. market close. A conference call will follow at 9:00 PM ET. Participants can join via specific dial-in numbers provided for various regions. A replay will be accessible until August 24, 2020. BEST aims to enhance efficiency in the logistics sector through innovative technology and business models. For details, visit the investor relations website.