Alibaba-backed Best Logistics has filed for a $1bn New York listing in what could be the biggest US float of a Chinese company this year
The initial public offering is seeking to tap investor interest in Chinese ecommerce and the country’s fast-growing logistics industry, which delivered 31bn parcels last year, some 50 per cent up on the previous year.
Best Logistics, which will be known as Best Inc in the US, was valued at $3bn in a funding round last year. Alibaba — a driving force in the development of delivery and logistics in China because of its commanding online presence — is the biggest single shareholder with 23.4 per cent. Founder Johnny Chou holds 14.7 per cent.
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