Alibaba-backed logistics firm Best Inc seeks as much as US$932 million to expand service network
Alibaba-backed logistics firm Best Inc is seeking to raise as much as US$932 million to expand its service network.
Best Inc will use the proceeds to expand its convenience store business and logistics and supply chain, it said, adding that revenue in the 12 months ended June 30 was US$2 billion.
The company plans to sell 16.4 percent of its enlarged share capital and list on the New York Stock Exchange, according to a stock exchange filing yesterday.
A number of courier service firms including SF Holding, YTO Express and STO Express have listed on domestics stock exchanges while ZTO Express raised US$1.4 billion last year on the NYSE.
Separately, ExFresh, Yiguo’s cold chain delivery subsidiary, has teamed up with China Post Group-backed courier service firm China Postal Express & Logistics Co. The tie-up follows Alibaba's US$300 million investment in online fresh food vendor Yiguo in early August.
China Postal Express & Logistics's Expres Mail Service will expand the number of cities for next-day delivery for Tmall fresh food to 400 to 600 by the end of this year, up from 200 now.
The collaboration will leverage Alibaba's logistics affiliate Cainiao's data capability, ExFresh's cold chain delivery network and EMS's extensive network to enhance the delivery speed for fresh agricultural products within the country.