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On September 20, 2017 (US Eastern Time), the American Depositary Shares (ADSs) of BEST Inc. (“BEST”), a leading Chinese Smart Supply Chain service provider, began trading on the New York Stock Exchange (NYSE) under the ticker symbol “BSTI”.  Best is offering 45,000,000 ADSs, each representing one Class A ordinary share, at the initial public offering price of US$10.00 per ADS. The company raised $450 million in gross proceeds and is the largest U.S. IPO by a China based company year-to-date.

Alibaba is Best’s largest shareholder with a 23.4% shareholding before the IPO; with a 14.7% shareholding before the IPO, the founder, Mr. Shao-Ning Johnny Chou, ranks as the second largest shareholder. Other main shareholders include CR Entities, IDG, Cainiao Smart Logistics, and etc.

Best’s service network encompasses Best Supply Chain, Best Express, Best Freight, Best Store+, Best Capital, Best Global and other business lines. Its multi-sided platform combines technology, integrated logistics and supply chain, last-mile and value-added services, and via Best Cloud, the proprietary technology platform, Best seamlessly connects its system with those of Best’s ecosystem participants, manifesting the capabilities to provide globalized Smart Supply Chain services.

Citigroup, Credit Suisse, Goldman Sachs, J.P. Morgan and Deutsche Bank are the joint book runners of this offering. Haiwen acted as the PRC counsel to the joint book runners. Having advised certain strategic investors including IDG, Goldman Sachs, Citic PE in their pre-IPO investments in Best since 2013, the IPO is yet another milestone fundraising by Best that Haiwen has had the privilege to participate in.