Best Inc. receives non-binding proposal to acquire the company

Best Inc. announced that its board of directors has received a preliminary non-binding proposal letter, dated November 3, from Shao-Ning Johnny Chou, founder, chairman of the board and chief executive officer of the company, on behalf of Shao-Ning Johnny Chou, George Chow, the chief strategy and investment officer of the company, Denlux Logistics Technology, Alibaba Investment Limited, BJ Russell Holdings Limited and Cainiao Smart Logistics Investment, collectively, the Buyer Group, to acquire all of the outstanding ordinary shares of the company, including the Class A ordinary shares represented by the American Depositary shares of the company that are not already beneficially owned by the buyer group for a proposed purchase price of $0.144 per ordinary share or $2.88 per ADS in cash. A copy of the proposal letter is attached hereto as Exhibit A. According to the proposal letter, the buyer Group intends to fund the consideration payable in the proposed transaction primarily with equity capital from the Buyer Group in the form of rollover equity in the company and cash contributions. The company also announced that the board has formed a special committee consisting of its three independent directors, Wenbiao Li, Ying Wu and Klaus Anker Petersen, to evaluate and consider the proposal letter and the proposed transaction. Ying Wu will chair the special committee. The board cautions the company’s shareholders and others considering trading the company’s securities that no decision has been made with respect to the proposal letter or the proposed transaction. There can be no assurance that any definitive offer will be received, that any definitive agreement will be executed relating to the proposed transaction, or that the proposed transaction or any other similar transaction will be approved or consummated. The company does not undertake any obligation to provide any updates with respect to any transaction, except as required under applicable law.