21 January 2021
Alibaba's logistics company
Best is in the
process of being sold.
It was announced that Alibaba, owned by Chinese billionaire Jack
Ma, and Johnny Chou, founder, and CEO of Best, could decide to sell 33% and 11%
of their shares in the company, respectively.
Best, whose shares are listed on the New York stock exchange, is trading at
one-fifth of its IPO price in 2018, as well as underperforming its peers.
Two of the six sources that provided information to Reuters on the matter stated
that the company's main shareholder, Alibaba, gave instructions to consultants
to investigate sales options.
According to five sources, Alibaba, owned by Chinese billionaire Jack Ma, and
Johnny Chou, founder, and CEO of Best, may decide to sell 33% and 11% of their
shares in the company, respectively.
However, the sources stated that the strategic review has not yet been
completed, it is unclear which option Alibaba will decide on, and that official
transactions regarding Best's sale have not started. Two of the sources stated
that they were asked about their opinions on sales.
Best's spokesperson denied that the company was considering the sale of the
stock. The spokesman said Chou believes in the company's "bright future and
long-term value" and does not intend to sell his stake in the company. The
spokesperson did not answer the question of whether the company was conducting a
strategic review. Alibaba stated that the information was incorrect, but did not
provide any details.
Best has a market value of $ 790 million.
On the other hand, Jack Ma, the founder of Alibaba, who has not been seen in the
public for about three months and has questions about his whereabouts, was seen
for the first time today at an online event.