- As the initial step to the partnership, BEST has sold
RMB517 million worth of assets
related to its BEST Capital unit to Sinolink
- Transaction will allow BEST to reinforce its balance sheet,
enhance liquidity and allow a greater focus on its core
businesses
HANGZHOU, China, March 12, 2021 /PRNewswire/ -- BEST Inc. (NYSE:
BEST) ("BEST" or the "Company"), a leading integrated smart supply
chain solutions and logistics services provider
in China, today announced that it has signed a strategic
partnership agreement with Sinolink Yongfu Asset Management
("Sinolink"), a subsidiary of Sinolink Securities.
According to the agreement, the Company has initially sold
RMB517 million worth of its assets
pertaining to its external B2C truck leasing business to Sinolink.
BEST is also expected to partner with Sinolink to explore further
strategic initiatives in the future.
Gloria Fan, Chief Financial
Officer of BEST Inc., said, "This transaction demonstrates our
commitment to improve the Company's balance sheet and enhance
liquidity. Our partnership with Sinolink will optimize our cash
flow and allow us to focus more resources on the growth of our core
logistics businesses."
ABOUT BEST INC.
BEST Inc. (NYSE: BEST) is a leading integrated smart supply
chain solutions and logistics services provider in China.
Through its proprietary technology platform and extensive networks,
BEST offers a comprehensive set of logistics and value-add
services, including express and freight delivery, supply chain
management and last-mile services, truckload service brokerage,
international logistics and financial services. BEST's mission is
to empower business and enrich life by leveraging technology and
business model innovation to create a smarter, more efficient
supply chain. For more information, please
visit: http://www.best-inc.com/en/.
For investor and media inquiries, please contact:
BEST Inc. Investor relations team
ir@best-inc.com
The Piacente Group, Inc.
Yang Song
Tel: +86-10-6508-0677
E-mail: best@tpg-ir.com
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: best@tpg-ir.com
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of
the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar statements.
Among other things, the business outlook and quotations from
management in this announcement, as well as BEST's strategic and
operational plans, contain forward-looking statements. BEST may
also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange
Commission (the "SEC"), in its annual report to shareholders,
in press releases and other written materials and in oral
statements made by its officers, directors or employees to third
parties. Statements that are not historical facts, including
statements about BEST's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: BEST's goals and strategies; BEST's future business
development, results of operations and financial condition; BEST 's
ability to maintain and enhance its ecosystem; BEST 's ability to
continue to innovate, meet evolving market trends, adapt to
changing customer demands and maintain its culture of innovation;
fluctuations in general economic and business conditions
in China and other countries in which BEST operates, and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in BEST's
filings with the SEC. All information provided in this press
release and in the attachments is as of the date of this press
release, and BEST does not undertake any obligation to update any
forward-looking statement, except as required under
applicable law.
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SOURCE BEST Inc.