Business & FinanceDeals

Reuters reveals Alibaba-backed logistics firm Best weighing sale in strategic review; market reacts

Shares in New York-listed Best Inc rose as much as 15% on Wednesday after Reuters exclusively reported that the Chinese logistics firm, backed by e-commerce giant Alibaba Group Holding Ltd, is considering a sale as part of a strategic review. Billionaire Jack Ma’s Alibaba, which owns 33% of the firm, as well as Best founder and CEO Johnny Chou, who has a 11% stake on a fully diluted basis, could both end up selling their stakes, Reuters reported.

Market Impact

Shares of Best Inc rose as much as 15% after the Reuters report was published.

Article Tags
Topics of Interest: Business & FinanceDeals
Type: Reuters Best
Sectors: Equities
Regions: Asia
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
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