Alibaba-backed logistics firm Best weighs sale in strategic review

New York-listed Best Inc , a Chinese logistics firm backed by e-commerce giant Alibaba Group Holding Ltd, is considering a sale as part of a strategic review, six people with knowledge of the matter said.

With the endorsement of Alibaba, its biggest shareholder, Best has tapped financial advisers to explore options as its shares have been underperforming and are worth a fifth of its IPO price in 2018, two of the people involved in the discussions said.

Billionaire Jack Ma’s Alibaba, which owns 33 per cent of the firm, as well as Best founder and CEO Johnny Chou, who has a 11 per cent stake on a fully diluted basis, could both end up selling their stakes, five of the people said.