BEST Inc. Appoints Alibaba Executive as New Director

BEST Inc., a smart supply chain solutions and logistics services provider in China, announced on Wednesday that Chen Jun has resigned from his position as a director of the company. Chen was nominated by Alibaba and its logistics arm, Cainiao Network, as a director.

At that time, Chen served as Alibaba‘s Senior Vice President, Managing Director of Strategic Investments at Alibaba and Head of Investment at Alibaba‘s new retail fund.

BEST Inc. also announced that Alibaba (including Cainiao Network) has appointed Hu Xiao as the new director. Hu joined Alibaba in 2017 and now is a managing director of Strategic Investments at Alibaba. She has served for Merrill Lynch (Asia Pacific) Limited, Citigroup Global Markets Asia Limited, China International Capital Corporation Limited, and KPMG Huazhen LLP.

In addition, BEST Inc. will release its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2021, after the U.S. market closes on Tuesday, March 8, 2022 (Beijing Time on Wednesday).

In the third quarter of last year, BEST Inc.’s revenue was 6.812 billion yuan ($1.08 billion), down 14.6% year-on-year. Its Non-GAAP loss reached 684 million yuan, compared with 542 million yuan in the same period in 2020. Last year, BEST Inc. even transferred its domestic express delivery business to J&T Express for about 6.8 billion yuan.

SEE ALSO: J&T Express Acquires Best Inc.’s Express Delivery Business in China for $1.1 Billion

But things haven’t been all that well for the company as it recently received a delisting letter from the New York Stock Exchange in January. According to US listing regulations, as of January 4, 2022 the price of the company’s American Depositary Shares was less than $1.00 over a consecutive 30 trading-day period, which means it needs to either revalue the company or delist from the main board.