Best Group plans to privatize, people familiar with the matter deny that Alibaba's Cainiao Network will take over

According to this site’s news on November 8, Best Group, a New York Stock Exchange-listed company, issued an announcement on November 6 that the company’s board of directors received a preliminary non-binding privatization proposal. The proposal comes from Best Group founder, chairman and CEO Zhou Shaoning, the company's chief strategy and investment officer Zhou Shaojian, as well as several Best Group shareholders including Alibaba and Cainiao.

Market speculation about the privatization proposal once attracted widespread attention: Are Alibaba and Cainiao going to acquire Best?

This site learned from insiders that this speculation is a big mistake. The actual situation is that Best Group intends to delist from the New York Stock Exchange through privatization. This is just a routine move by major shareholders to cooperate with the delisting. Alibaba and Cainiao have no intention of taking over Best Group. Best Group was established in 2007 and has experienced many major adjustments and changes in the fierce competition in the express logistics market. Among them, in October 2021, Best Group’s domestic express delivery business in China was acquired by Jitu Express for about 6.8 billion yuan. Since then, Best Group's business focus has mainly been on supply chain, express transportation, and international business.

, with a market value of approximately US$52 million on October 7. According to the standards of the New York Stock Exchange, if the total market value is less than US$50 million for 30 consecutive days, it may trigger a non-compliance notice and face delisting pressure. According to an informed source, the push for privatization and delisting by Best Group is not sudden. This situation has long been expected, so it is not about who will acquire Best Group.

Statement: This article Contains external links, including but not limited to hyperlinks, QR codes, passwords, etc., to provide more information and save screening time. These links are for reference only and all articles on this site carry this statement

The above is the detailed content of Best Group plans to privatize, people familiar with the matter deny that Alibaba's Cainiao Network will take over. For more information, please follow other related articles on the PHP Chinese website!