HANGZHOU, China, Sept. 28, 2017 /PRNewswire/ -- BEST Inc. (NYSE: BSTI) ("BEST" or the "Company"), a leading and fastest-growing Smart Supply Chain service provider in China, announced today that in collaboration with its partner Cainiao Smart Logistics Network Limited ("Cainiao"), BEST has added over 180,000 square meters of warehouse space to further enhance the customer experience and to meet the rising demands for Alibaba Group Holding Limited (NYSE: BABA) ("Alibaba")'s upcoming Singles' Day in November. BEST is opening two new warehouses in Changsha and Nanchang, and adding new warehouse spaces in Chengdu, Hefei, Taiyuan and Shanghai.
Both Alibaba and Cainiao were investors in BEST before the Company listed on the New York Stock Exchange on September 20, 2017. Alibaba, BEST's largest shareholder, invested an additional $100 million into the IPO, further strengthening its partnership with BEST and ongoing support for the growth of BEST's Smart Supply Chain platform. BEST has developed extensive collaboration with Alibaba and Cainiao in exploring seamless online-and-offline logistics service supporting the New Retail Strategy and building a global logistics network. The Company is also a key partner for Cainiao's services such as last mile delivery service Cainiao Guoguo, guaranteed delivery service Cainiao Chengnuoda, and store-based shipping service Cainiao Mendianfahuo.
After the IPO, BEST expects to make investments for development and implementation of new technologies. In order to improve operational efficiency and service quality, BEST will strengthen its technology infrastructure in areas including network and routes optimization, automated sorting lines and cloud-based order fulfillment centers. BEST will also introduce new services and provide more integrated and smart supply chain management solutions for the New Retail era.
About BEST Inc.
BEST is a leading and fastest-growing Smart Supply Chain service provider in China. Its multi-sided platform combines technology, integrated logistics and supply chain, last-mile and value-added services. BEST's logistics and supply chain services encompass B2B and B2C supply chain management, express and less-than-truckload delivery, as well as cross-border supply chain management and a real-time bidding platform to source truckload capacity. BEST's last-mile services include online merchandise sourcing and fulfillment, and store management for convenience stores and B2C services.
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