WillItSurvive
Logistics and supply chain companies · subsidiary of BEST Global Partners · China

Best Inc

best-inc.com ↗

Chinese logistics firm running SEA cross-border delivery and supply chain services, now private.

Losing its protection
Assessed 23 July 2026 · Evidence as of 23 July 2026
The structural protection is eroding.
On the recordSince 23 July 2026 · Checkable from 2026 · Every call on the record Checkpoint: First post-privatization results or Alibaba/Cainiao capital or consolidation decision
The call

BEST now sits inside its own rival's parent company, with no public financials and a competitor eating the same SEA corridors it needs to grow in.

BEST Inc moves packages across Southeast Asia using its own trucks, warehouses, and staff in six countries. The company is hard to protect because J&T Express, a rival that already bought BEST's China business in 2021, is growing much faster and making money while BEST keeps losing it; J&T now handles one-third of all parcels in the region and grows three times faster than BEST. The one thing that could change everything is Alibaba's next move: as BEST's owner and competitor at the same time, Alibaba could pump money into BEST to fight J&T, fold BEST into its own shipping arm, or simply let BEST fade away.

Why
01
AI pressure: None apparent. AI routing and warehouse automation raise the bar for all logistics players, but no AI product is the direct predator here. Could AI do the core job? Only partly.
02
Bigger players: J&T Express. J&T bought BEST's China express unit in 2021 and now runs 34.4% of SEA parcel share, growing 67.8% a year while BEST shrinks. Could a giant copy it? Yes, easily.
03
What protects it. Physical hubs and riders already placed across six SEA countries, though this only slows the squeeze, it does not stop it.
What would change this call
Alibaba or Cainiao announces a consolidation, carve-out, or wind-down decision for BEST's assets. Would show whether BEST's owner-competitor is funding it or absorbing/discarding it.
BEST publishes its first post-privatization audited financial results. Would show whether the reporting blackout ends and if losses have narrowed.
J&T Express reports SEA market share above 34.4% in a future quarterly filing. Would show BEST's target cross-border corridors continuing to narrow.
Key numbers
  • J&T SEA share 34.4% vs BEST's shrinking base (FY2025)
  • Net loss RMB 814 million in FY2023 (2023)
  • Taken private at $2.88/ADS, March 2025 (2025-03-07)
Named risks
  • No audited financials disclosed since March 2025 privatization, blocking independent verification of performance. Severity: high
  • Owner Cainiao/Alibaba is also a direct competitor, creating conflict over capital allocation and volume routing. Severity: high
  • J&T Express grew SEA parcels 67.8% YoY in FY2025, intensifying pressure in BEST's target corridors. Severity: high
  • Persistent pre-privatization losses, RMB 814 million net loss in FY2023 alone. Severity: medium
  • Shrinking global headcount, down from 3,529 in 2023 to 3,456 in Dec 2025. Severity: medium
Rivals, as read in July 2026
RivalDirectionEvidence
J&T Expresslosing toJ&T holds 34.4% SEA share, SEA parcels up 67.8% YoY as of FY2025 (Mar 2026 report)
Cainiao/AlibabacontestingBecame BEST's co-owner via March 2025 privatization while remaining a rival logistics platform
SF Expresslosing toSF remains a large publicly listed China express operator investing in dedicated cargo air infrastructure
DHL Grouplosing toDHL is a dominant global incumbent in the same cross-border express corridors BEST is targeting
Questions people ask
Is BEST Inc profitable in 2026?
No confirmed profitability. Last disclosed public financials showed a net loss of RMB 814 million in FY2023 and RMB 1.46 billion in FY2022. BEST stopped SEC/NYSE reporting after going private on March 7, 2025, so no audited 2024 to 2026 figures exist to confirm a turnaround.
Who owns BEST Inc now?
BEST Inc is owned by BEST Global Partners, a consortium including founder Shao-Ning Chou, Alibaba Investment Limited, and Cainiao Smart Logistics Investment Limited. The going-private merger closed March 7, 2025 at $2.88 per ADS, and BEST delisted from the NYSE on March 10, 2025.
Is BEST Inc still a public company?
No. BEST completed a going-private merger on March 7, 2025, with shareholders approving it February 18, 2025 by 99% support. NYSE trading was suspended March 10, 2025 and its ADS program deregistered, ending public financial disclosure.
Who is BEST Inc's biggest competitor?
J&T Express, which bought BEST's China domestic express business in 2021, is now BEST's largest rival. In FY2025 J&T reported 34.4% Southeast Asia parcel market share, $12.2 billion revenue (up 18.5% YoY), and 7.66 billion SEA parcels (up 67.8% YoY), per its March 30, 2026 results.
Could AI replace BEST Inc's logistics operations?
Partially. AI can automate sorting, route planning and customs paperwork, areas BEST has already added DWS scanning automation to (Malaysia, late 2024). But physical last-mile delivery, hubs, and riders across its six Southeast Asian markets remain execution tasks AI cannot directly replace.
What happened to BEST Inc's original China express business?
BEST sold its China domestic express unit, including 87 transshipment centers and over 49,000 branch locations, to J&T Express in 2021. This forced BEST to pivot toward freight, supply chain, and Southeast Asia cross-border logistics under brands like BEST Global.
Timeline
  • 2026-03-30J&T Express reports FY2025 SEA share of 34.4%, revenue $12.2B, SEA parcels up 67.8% YoY
  • 2025-03-10BEST Inc trading suspended and delisted from NYSE
  • 2025-03-07Going-private merger completes at $2.88 per ADS, BEST becomes private
  • 2025-02-18Shareholders approve privatization merger with 99% support
  • 2024-09TikTok whitelists BEST Inc as marketplace merchant seller
  • 2024-08BEST launches cross-border and SaaS services in Indonesia, sixth SEA market
  • 2024-06-19Going-private merger agreement first signed, ~$54.2M equity value
  • 2023-11-08Alibaba/Cainiao-led non-binding buyout proposal for BEST first reported
  • 2021BEST sells China domestic express business to J&T Express
  • 2017-09BEST Inc lists on NYSE under ticker BSTI
Revision history
23 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
STO ExpressYunda ExpressAllcargo Logistics
More in Logistics and supply chain companies →
Sources