Daily Management Review

The U.S. Market Witnesses Alibaba Backed Chinese Firm Coming Out With New Round Of IPO Worth ‘$932 Million’


Best Inc. lays out its plans of using IPO for strengthening itself in the U.S. market.

Best Inc. is a “Chinese logistics company” which has Alibaba Group’s backing, whereby the former has come out with its new launch of “up to $932 million”, initially starting with “public offering”. The company seeks funds to “expand its logistics and supply chain network” besides developing “new technologies” and opening “more of its convenience stores”.
The said company is based out of Hangzhou, which offers “53.56 million new American Depositary Shares”, every shares represents “one class A ordinary share”, while the “indicative range” lies within “$13 to $15 each”, as per the company’s filing to the “U.S. Securities and Exchange Commission”.
Here are the names of some of the existing shareholders mentioned by Reuters:
“…private equity firms CDH Investments, China Renaissance Capital, state-owned Everbright Financial Holding Investment Holding and a unit of Goldman Sachs Group Inc.”, while there is also a plan of “selling another 8.54 million ADSs”.
Furthermore, Reuters added:
“The company plans to use $300 million of the proceeds to expand its convenience stores and its logistics and supply chain services, with another $100 million set aside for technology investments and the remainder for general corporate purposes and potential acquisitions”.

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