Alibaba Group Holding Ltd, Best’s biggest shareholder, has endorsed the listing plan and would also consider investing in the float, said one of the people
HONG KONG: Alibaba-backed Best Inc is seeking a Hong Kong listing for its express delivery and freight delivery businesses, keen to boost its valuation and establish an investor base closer to China, said three sources with knowledge of the matter.
The plans by Best, which went public in New York in 2017 and has a market value of US$1.1bil, are preliminary and the offering size and target valuation have yet to be determined, said the sources, speaking on condition of anonymity as the information was private.
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