China: Alibaba-backed logistics firm Best Inc files for $750m IPO

Best Inc, a Chinese logistics company backed by Alibaba Group Holding Ltd, on Monday filed for an initial public offering of American depositary shares to raise up to $750 million.

Hangzhou-based Best Inc was founded by Shao-Ning Johnny Chou, a former Greater China president of Google.

Alibaba owns about 23.4 percent stake in the company.

Best Inc generates most of its revenue from order fulfilment services and transportation services. It also provides delivery for business-to-business convenience stores.

The company said it incurred a net loss of 422.8 million yuan ($61 million) for the three months ended March 31.

Best will apply for listing its ADSs on the NYSE or the Nasdaq Global Market, the company said.

Citigroup, Credit Suisse, Goldman Sachs, J.P. Morgan, Deutsche Bank are the underwriters for the IPO.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

Also Read: China’s Postal Savings Bank files for HK IPO, world’s biggest since Alibaba

Jack Ma’s Ant Financial names Eric Jing as new CEO to oversee IPO in 2017

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.