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Chinese fast-delivery startup wants to list in the US

Date 14-09-2020 Views 320

Best Inc. 23% investment from Alibaba has just applied to go public in the US.

The company's value is estimated at 750 million USD. According to newly released information, Best is guaranteed by large corporations and banks including Citigroup, Credit Suisse, Goldman Sachs, JP Morgan and Deutsche Bank during the initial public offering.

The startup plans to choose to list in one of the two largest US stock exchanges, the NASDAQ or the New York Stock Exchange (NYSE). Currently, the company has not announced the final decision.

Best Inc. was founded by Johnny Chou, former president of China regional markets for Alphabet - parent company Google.

Right from the start, the company oriented to apply cloud storage technology in supply chain construction. This helps startup Best deliver goods to all domestic regions in a short time. Last year, the company's revenue reached $ 1.28 billion.

Best Inc is a direct competitor to SF Express, the Chinese shipping giant that just took over the freight delivery market in Shenzhen in February.

The world's most populous country is becoming a potential market for the cargo delivery industry with a value of $ 1.6 trillion in 2015.

According to a report from iResearch - a market research organization, the Chinese transport industry could achieve a growth rate of 2.1% per year in the period 2016-2021.

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