Alibaba-backed Best Logistics has launched its initial public offering in New York and is seeking up to $1bn in what could be the largest float of a Chinese company in the US this year.
The company, to be known as Best Inc in the US, filed for its listing in June to tap investor enthusiasm for China’s ecommerce and logistics industries. Best was valued at $3bn in a funding round in 2016, and Alibaba is the company’s biggest shareholder with 23.4 per cent.
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