On 18 January 2016, the Company entered into a convertible preferred shares purchase agreement with Best Logistics as well as the members of Best Logistics group, the existing holders of the securities of Best Logistics and investors of the new preferred shares of Best Logistics, pursuant to which the Company, as one of the investors of the new preferred shares, agreed to subscribe for certain new preferred shares at a cash consideration of US$30.00 million, representing approximately 0.96% of the enlarged issued share capital of Best Logistics. In June 2017, the name of Best Logistics was changed to Best Inc. In September 2017, Best Inc. completed its initial public offering of 45,000,000 ADSs, each representing one share of its Class A ordinary shares, at US$10.00 per ADS for a total offering size of US$450.00 million. Its ADSs commenced trading on the New York Stock Exchange on 20 September 2017. Now the symbol is "BEST".
Combining the Internet, information technology and traditional logistics services, Best Inc. is committed to creating a one-stop logistics and supply chain service platform to provide customers with efficient services and experience. It is one of the largest integrated logistics service providers in China. Its multisided platform combines technology, integrated logistics and supply chain services, last-mile services and value-added services. BEST Cloud, the proprietary technology platform of Best Inc., which seamlessly connects its systems with those of its ecosystem participants, is the backbone that powers its integrated services and solutions. Its logistics, supply chain and last-mile services encompass B2B and B2C supply chain management, express and less-than-truckload delivery, cross-border supply chain management and a real-time bidding platform to source truckload capacity. In addition, it provides value-added services to support its ecosystem participants and help them grow.
In November 2020, Best Inc. announced its strategic restructuring and organisational changes. On 29 October 2021, Best Inc. announced the sale of its domestic express delivery business to J&T Express for a consideration of approximately RMB6.8 billion, and the transaction was completed on 17 December 2021. Upon completion of the transaction, Best Inc. will be able to focus more on its core business of less-than-truckload delivery and supply chain management, and its business is expected to resume growth and improve its profitability and financial performance in 2022. As a result of the COVID-19 epidemic and the curtailment of the UCargo business, Best Inc. reported a net loss of RMB380 million on revenue of RMB1,802.6 million (approximately US$284.4 million) for the first quarter of 2022.