BEST Inc. (NASDAQ: BEST) stock declined by 4.01% at the last close, whereas the BEST stock price gained by 6.82% in the pre-market trading. BEST is a major Chinese supplier of complete smart supply chain solutions and logistics services. BEST’s objective is to use technology and business model innovation to build a smarter, more efficient supply chain, empowering businesses and enriching lives.
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BEST stock’ update
BEST Inc. reported the closing and finalization of the previously disclosed sale of its express delivery business in China to J&T Express Co. The total enterprise cost is nearly RMB6.8 billion (US$1.1 billion), as contemplated by the parties’ definitive agreement dated October 29, 2021.
Relevant regulatory bodies have given their approval to the agreement. The final transaction was completed in accordance with the Agreement’s provisions, and the business was transferred to J&T Express China.
The Chairman and CEO, Johnny Chou, Founder, stated that,
They are satisfied with the transaction’s results. Its successful completion enables them to prioritize and strengthen their efforts in supply chain-based logistics solutions while also enhancing their balance sheet and profitability. They will focus their company in the future on three main pillars: integrated supply chain, freight, and global logistics services. They are certain that by concentrating on these core strengths, the company will be able to provide more value to its customers and shareholders.
Financial Results
On Nov 16, 2021, the company announced its third-quarter 2021 financial results. The company generated its revenue of US$1,057.3 million, whereas the net loss for the quarter was RMB505.1 million. The net loss for the third quarter of 2021 was RMB654.9 million relative to a net loss of RMB565.9 million in the third quarter of 2020. The company also recorded its diluted EPS as minus RMB1.65 as opposed to RMB1.45 in the third quarter of 2020. And lastly, the EBTIDA generated for the third quarter of 2021 was RMB451.8 million.
