BEST Inc. (NYSE: BEST) disclosed that it has entered into a partnership agreement with Sinolink Yongfu Asset Management. As per the agreement, the firm has initially dumped RMB517 million worth of its assets concerning its external B2C truck leasing business to Sinolink.
BEST Inc revealed that it is intending to collaborate with Sinolink to search for further strategic projects in the future. This deal with Sinolink is showing the devotion of the firm to strengthen its balance sheet and increase its liquidity. The collaboration of BEST Inc with Sinolink will improve its cash flow and enable the firm to turn its focus on the utilization of its resources for the expansion of its main logistics businesses.
BEST Inc. (NYSE: BEST) shares were plunged 7.69% during the trading session of Thursday. BEST share price went from a low point around $1.91 to briefly over $5.83 in the past 52 weeks, though shares have since pulled back to $2.16. The share of BEST went up 13.09% from its 52-week low range and moved down -62.95% from its 52-week of high range. BEST market cap has stayed high, reaching $813.67M at the time of writing.