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BEST Inc. Enters into Definitive Agreement for “Going Private” Transaction

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HANGZHOU, China, June 20, 2024 /PRNewswire/ — BEST Inc. (NYSE: BEST) (“BEST” or the “Company”), a leading integrated smart supply chain solutions and logistics services provider in China and Southeast Asia, today announced that it has entered into an Agreement and Plan of Merger (the “Merger Agreement”) with BEST Global Partners, an exempted company with limited liability incorporated under the laws of the Cayman Islands (“Parent”) and Phoenix Global Partners, an exempted company with limited liability incorporated under the laws of the Cayman Islands and a wholly-owned subsidiary of Parent (“Merger Sub”). Pursuant to the Merger Agreement, Merger Sub will merge with and into the Company, with the Company continuing as the surviving company and becoming a wholly owned subsidiary of Parent (the “Merger”), in a transaction implying an equity value of the Company of approximately US$54.2 million. As a result of the Merger, the Company will become an indirect, wholly owned subsidiary of Parent, which will be owned by (a) Mr. Shao-Ning Johnny Chou, the chief executive officer and chairman of the board of directors of the Company, (b) Mr. George Chow, the chief strategy and investment officer of the Company, (c) Alibaba Investment Limited, (d) BJ Russell Holdings Limited, (e) Cainiao Smart Logistics Investment Limited, (f) Denlux Logistics Technology Invest Inc., (g) IDG-Accel China Capital II L.P. and IDG-Accel China Capital II Investors L.P., (h) Sunshui Hopeson Capital Limited, (i) Mr. Shaohan Joe Chou, (j) David Hsiaoming Ting, (k) The 2012 MKB Irrevocable Trust, (l) Ting Childrens Irrevocable Trust, (m) Ting Family Trust, (n) Mr. Chen Hong, and (o) Ms. Kiu Sau Hung (collectively, the “Consortium” and each a “Consortium Member”).

Pursuant to the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each American Depository Share of the Company (each, an “ADS”), representing twenty (20) class A ordinary shares of the Company, par value US$0.01 each (the “Class A Shares,” together with class B ordinary shares and class C ordinary shares of the Company, collectively, the “Shares”), issued and outstanding immediately prior to the Effective Time, other than ADSs representing the Excluded Shares (as defined in the Merger Agreement), together with the Shares represented by such ADSs, will be cancelled and cease to exist in exchange for the right to receive US$2.88 in cash per ADS without interest, and each Class A Share issued and outstanding immediately prior to the Effective Time, other than the Excluded Shares, the Dissenting Shares (as defined in the Merger Agreement) and Shares represented by ADSs, will be cancelled and cease to exist in exchange for the right to receive US$0.144 in cash per Share without interest. Pursuant to the terms of the Merger Agreement, share-based incentives held by current or former officers, directors, employees and consultants of the Company will be cancelled, cashed out or rolled over into equity incentives of Parent, as applicable.

The merger consideration represents a premium of 25.2% to the closing price of the ADSs on November 2, 2023, the last day before the Company received the preliminary non-binding proposal letter from the Consortium, a premium of approximately 30.9% to the volume-weighted average closing price of the ADSs during the last 15 trading days, and a premium of approximately 28.7% to the volume-weighted average closing price of the ADSs during the last 30 trading days, in each case prior to November 3, 2023. The merger consideration represents a premium of approximately 25.2% to the closing price of the Company’s ADSs on June 18, 2024, the last trading day prior to this press release.

The Merger will be funded through a combination of (i) cash contribution from the Sponsors (as defined in the Merger Agreement) pursuant to certain equity commitment letters, and (ii) equity rollover by certain Consortium Members of certain Rollover Shares (as defined in the Merger Agreement) and ADSs they beneficially own in the Company.

The Company’s board of directors, acting upon the unanimous recommendation of a committee of independent directors established by the board of directors (the “Special Committee”), approved the Merger Agreement and the Merger, and resolved to recommend that the Company’s shareholders vote to authorize and approve the Merger Agreement and the Merger. The Special Committee negotiated the terms of the Merger Agreement with the assistance of its financial and legal advisors.

The Merger is currently expected to close during the third quarter of 2024 and is subject to customary closing conditions, including the authorization and approval of the Merger Agreement by the affirmative vote of shareholders representing at least two-thirds of the voting power of the Shares present and voting in person or by proxy at a general meeting of the Company’s shareholders. The Consortium Members have agreed to vote all Shares they beneficially own, which represent approximately 94.5% of the voting rights attached to the outstanding Shares as of the date of the Merger Agreement, in favor of the authorization and approval of the Merger Agreement and the Merger. If completed, the Merger will result in the Company becoming a privately held company and its ADSs will no longer be listed on the New York Stock Exchange.

Kroll, LLC (operating through its Duff & Phelps Opinions Practice) is serving as the financial advisor to the Special Committee. Skadden, Arps, Slate, Meagher & Flom LLP is serving as U.S. legal counsel to the Special Committee. Simpson Thacher & Bartlett LLP is serving as U.S. legal counsel to the Company. Maples and Calder (Hong Kong) LLP is serving as Cayman Islands legal counsel to the Company.

Fangda Partners is serving as U.S. legal counsel to the Consortium. Walkers (Hong Kong) is serving as Cayman Islands legal counsel to the Consortium. Kirkland & Ellis is serving as U.S. legal counsel to Alibaba Investment Limited and Cainiao Smart Logistics Investment Limited.

Additional Information About the Merger

The Company will furnish to the U.S. Securities and Exchange Commission (the “SEC”) a current report on Form 6-K regarding the Merger, which will include as an exhibit thereto the Merger Agreement. All parties desiring details regarding the Merger are urged to review these documents, which will be available at the SEC’s website (http://www.sec.gov).

In connection with the Merger, the Company will prepare and mail to its shareholders a proxy statement that will include a copy of the Merger Agreement. In addition, in connection with the Merger, the Company and certain other participants in the Merger will prepare and disseminate to the Company’s shareholders a Schedule 13E-3 Transaction Statement that will include the Company’s proxy statement (the “Schedule 13E-3”). The Schedule 13E-3 will be filed with the SEC. INVESTORS AND SHAREHOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE SCHEDULE 13E-3 AND OTHER MATERIALS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE MERGER, AND RELATED MATTERS. Shareholders also will be able to obtain these documents, as well as other filings containing information about the Company, the Merger, and related matters, without charge from the SEC’s website (http://www.sec.gov).

This announcement is neither a solicitation of proxy, an offer to purchase nor a solicitation of an offer to sell any securities, and it is not a substitute for any proxy statement or other materials that may be filed with or furnished to the SEC should the proposed merger proceed.

About BEST

BEST Inc. (NYSE: BEST) is a leading integrated smart supply chain solutions and logistics services provider in China and Southeast Asia. Through its proprietary technology platform and extensive networks, BEST offers a comprehensive set of logistics and value-add services, including freight delivery, supply chain management and global logistics services. BEST’s mission is to empower business and enrich life by leveraging technology and business model innovation to create a smarter, more efficient supply chain. For more information, please visit: http://www.best-inc.com/en/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward looking statements involve factors, risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Such factors, risks and uncertainties include the possibility that the Merger will not occur as planned if events arise that result in the termination of the Merger Agreement, if the expected financing for the Merger is not available for any reason, or if one or more of the various closing conditions to the Merger are not satisfied or waived, and other risks and uncertainties discussed in documents filed with the SEC by the Company as well as the Schedule 13E-3 and the proxy statement to be filed by the Company. Further information regarding these and other factors, risks and uncertainties is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of the press release, and BEST undertakes no duty to update such information, except as required under applicable law.

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SOURCE BEST Inc.

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Empowering India: New RMI research identifies India as a clean energy powerhouse

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51 minutes ago

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May 26, 2025

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New Report by RMI identifies how India is showing the way toward a new, efficient, industrial economy.

NEW DELHI, May 26, 2025 /PRNewswire/ — RMI has released a new report, Empowering India: The Clean Energy Growth Opportunity, which shows how India is meeting its rapidly increasing electricity demand with affordable, clean and efficient renewable energy.

Energy demand in India could triple by 2050, especially given the need for space cooling in a warming world. This new collection of research by RMI highlights how India is moving away from fossil fuels and import dependence to meet growing energy demand with clean technologies—all while reducing costs, increasing jobs, scaling domestic manufacturing, and increasing competitiveness. Through policy and innovation, India has made progress toward a clean energy system at remarkable speed, scale, and savings.

Read the report here: https://rmi.org/insight/empowering-india/

Key findings include:

India is set to grow and build more than any other region — including nearly half the world’s growth in annual steel production. With 3x as much vehicle travel and 9x as many air conditioners, India’s electricity demand could triple by 2050.This growth is an unparalleled opportunity to build right the first time. Unlike in the United States or Europe, nearly all of India’s midcentury building stock has yet to be built. Growing efficiently and cleanly builds resiliency and creates a competitive advantage.Fossil fuels are expensive to import — costing 5% of the nation’s GDP. But renewable energy is readily available, and India is already reaching self-sufficiency in the manufacturing of solar modules, wind generators, and battery cells. India’s largest renewable energy project under construction is nearly 4 times the size of the biggest project in the United States or Europe.In recent months, electricity from new solar + storage has become cheaper than new coal, and new solar on its own has become cheaper than existing coal power plants.Despite the incredible opportunity, India receives only 4% of global clean energy investment. If the finance catches up, India’s transition could save more emissions by midcentury than Europe and North America combined — while charting the way for emerging economies around the world.

About RMI:
Rocky Mountain Institute (RMI) transforms global energy systems through market-driven solutions to secure a prosperous, resilient, clean energy future for all. RMI works with businesses, policymakers, and communities to scale renewable energy solutions, reduce energy waste, and boost access to affordable clean energy.

Media Contact:
Leah Komos
Leah.komos@RMI.org

View original content:https://www.prnewswire.com/in/news-releases/empowering-india-new-rmi-research-identifies-india-as-a-clean-energy-powerhouse-302464485.html

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iQOO Neo 10 Debuts with Flagship Dual Chips, Delivering Breakthrough Performance and Industry-Leading Battery Life

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2 hours ago

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May 26, 2025

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DONGGUAN, China, May 25, 2025 /PRNewswire/ — iQOO officially unveils the latest addition to Neo lineup—iQOO Neo 10, featuring a powerful dual-chip setup that redefines performance in its class. With next-level performance powered by a flagship-grade Snapdragon® platform and a cutting-edge Supercomputing Chip, a class-leading combination of a large-capacity battery and FlashCharge technology, and a high-refresh-rate, eyecare display built for gaming, iQOO Neo 10 delivers a one-stop flagship-grade experience for users who demand it all.

Flagship-Level Dual-Chip Setup Brings Breakthrough Performance

Empowered by Qualcomm’s first all-big-core architecture processor, iQOO Neo 10 unleashes extraordinary performance to its fullest. The latest Snapdragon® 8s Gen 4 Mobile Platform features a flagship-grade CPU, delivering a performance boost of 49% and an energy efficiency improvement of 39% compared to the previous generation, with an AnTuTu Benchmark score of 2426162.(1) iQOO Neo 10 offers stronger performance, lower power consumption, faster responsiveness, and greater stability across the board. Whether users are multitasking or running heavy-duty games, the experience stays smooth, efficient, and consistent. The device also supports up to 16 GB of LPDDR5X Ultra RAM, and with Extended RAM enabled, it can keep up to 52 apps active in the background—ensuring seamless switching and effortless handling of high-frequency, multitasking scenarios.

Setting itself apart in its category, iQOO Neo 10 features a dual-chip setup, equipped with the flagship-grade Supercomputing Chip Q1, delivering an immersive, top-tier gaming experience. Through deep synergy between the Supercomputing Chip Q1 and algorithms, iQOO Neo 10 achieves exceptional image processing, supporting Game Super Resolution and industry-leading Ultra-Low-Latency Frame Interpolation—boosting frame rates to up to 144 FPS. It’s also compatible with major video platforms like YouTube and Netflix, offering ultra-clear visuals that go beyond native resolution. Along with numerous game-specific features, iQOO Neo 10 elevates the gaming experience across multiple dimensions, including priority scheduling, visual display, and complete sensory interaction.

To handle intense usage scenarios, iQOO Neo 10 features iQOO’s largest-ever vapor chamber—the same flagship-grade VC cooling system with a surface area of 7000 mm²,(2) precisely covering key heat sources. This advanced 7K Ultra VC Cooling System ensures sustained, stable performance even during extended gaming or heavy loads, keeping the device cool while helping gamers stay at their peak. Additionally, areas with localized heat sources, such as the front-facing camera, are equipped with Pyrolytic Graphite Sheet to maintain stable and smooth performance during prolonged live streaming or video recording sessions.

Industry-Leading Battery System for Ultra-Long, Stable Endurance

iQOO Neo 10 marks a breakthrough in battery capacity, advancing to an equivalent 7000 mAh for a truly long-lasting power experience. Powered by the Gen 3 Silicon BlueVolt Battery, it delivers reliable, high-performance usage—even in extreme cold conditions as low as -20℃. Thanks to cutting-edge innovations, iQOO Neo 10 breaks industry limits by achieving both high energy density and ultra-fast charging. Its 120W FlashCharge leads the industry in power efficiency, enabling the battery to charge faster—reaching 100% from 0% in just 36 minutes. It’s further enhanced by flagship-level Bypass Charging, which powers the device directly through the charger. This reduces battery heat during charging, enhances safety, and extends overall battery lifespan.

A Next-Gen Flagship Eyecare Display with Upgraded Aesthetics

iQOO Neo 10 takes display technology to new heights. Its 1.5K 144 Hz Eyecare AMOLED Display is engineered for both performance and comfort, offering a truly immersive visual experience. Backed by SGS Five-Star Sunlight Readable Display Certification, iQOO Neo 10 offers peak brightness of up to 2000 nits, ensuring crystal-clear visibility even in intense outdoor light. To further protect eye health, it also adopts 4320 Hz PWM Dimming along with Full-Range DC-Like Dimming, significantly reducing screen flicker and visual fatigue. Whether binge-watching shows, scrolling through short videos, or diving into long gaming sessions, users can enjoy a smooth, vivid, and comfortable viewing experience.

iQOO Neo 10 showcases a design philosophy that is clean, premium, youthful, and beyond expectations. With iQOO’s signature futuristic design language, it evokes a unique sci-fi exploration vibe. The device comes in a range of color options, including the sophisticated gold and the vibrant orange, combining high recognizability with bold self-expression. The lightweight body ensures a comfortable grip, with an overall thickness of 8.09 mm and a weight of just 206g, allowing for effortless use even during extended periods.

Flagship-Worthy Imaging Performance

Equipped with a flagship-level main camera and cutting-edge algorithms, iQOO Neo 10 sets a new standard in mobile photography. The 50 MP Sony IMX882 OIS Camera supports advanced full-pixel autofocus, ensuring fast and precise focus in a variety of complex shooting scenarios. Enhanced by flagship-grade NICE algorithms, it optimizes image depth and color reproduction, making every photo vivid, natural, and breathtakingly detailed. Whether capturing Nautical Blue Urban Night View or professional-grade portraits, iQOO Neo 10 delivers exceptional results with ease.

Designed for Reliability, Engineered for Efficiency

Built to last, iQOO Neo 10 delivers uncompromising durability and reliability. Its reinforced Durable Comprehensive Cushioning Structure, Shield Glass, and Drop-Resistant Protective Film work in tandem to significantly enhance drop resistance—certified to meet Military-Grade Certification. With an IP65 rating for dust and water resistance, it’s ready to take on everyday splashes and dust with ease, adapting effortlessly to dynamic environments. Built on Funtouch OS 15, the system delivers a 60-Month Smooth Experience with pioneering anti-aging capabilities.

Advanced AI capabilities take efficiency to the next level, empowering users to seamlessly navigate both work and life demands. From intelligent image editing to productivity tools and system interactions, iQOO Neo 10 delivers deep, multi-scenario AI integration—offering a smarter, smoother, and more efficient user experience across the board.

Availability

iQOO Neo 10 will be released in India on May 26, Malaysia on May 29, and Indonesia and Thailand on June 4. United Arab Emirates and Saudi Arabia as of mid-June.

At the same time, iQOO Z10, which is more focused on daily use scenarios and has received widespread praise since its launch in India on April 15, is now also stepping into various markets alongside iQOO Neo 10, offering a differentiated experience for users who value long-lasting performance.

About iQOO

iQOO, a sub-brand of vivo, differentiates itself in performance and Esports experience. iQOO leverages the research, quality assurance and after-sales service expertise of vivo, and follows the brand ethos of I Quest On and On to push boundaries, innovate boldly and share the excitement of exploring future technology. With products offering Esports-standard capabilities, iQOO aims to become the top choice of consumers who are passionate about performance and gaming.

For more information, please visit https://www.iqoo.com/en.

(1)The score data was obtained from iQOO laboratory tests based on AnTuTu Benchmark V10.4. The test device is the 16 GB + 512 GB edition of iQOO Neo 10. The data is for reference only. Actual scores may vary according to different phone memory editions and test environments.

(2)The VC size is based on data from the iQOO laboratory. The actual size may slightly vary due to production batches, processes variations, and measurement methods.

 

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SOURCE iQOO

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Industry Forums at 137th Canton Fair Spotlight Emerging Trends and Global Strategies

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2 hours ago

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May 26, 2025

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GUANGZHOU, China, May 26, 2025 /PRNewswire/ — The 137th China Import and Export Fair (Canton Fair) hosted a series of high-level industry forums, bringing together government officials, financial institutions, business leaders, and subject matter experts. These sessions explored evolving global trade dynamics and offered strategic guidance to Chinese enterprises pursuing international growth.

A standout session on April 17, titled “The New Ecosystem of AI + Consumer Electronics,” focused on how artificial intelligence is transforming the consumer electronics landscape. Discussions emphasized intelligence, personalization, and contextual innovation as key drivers of the sector’s next wave of growth. Leading voices from companies such as Lianlian Global and iFLYTEK shared insights on leveraging AI to create competitive advantages. The forum also marked the release of a white paper that offered practical strategies across six major product categories. Case studies demonstrated how China’s R&D-led and globally integrated production model reshaped global markets.

On April 23, another pivotal forum addressed brand globalization in the home and construction materials sector. Experts and company leaders shared approaches for strengthening reach in the international market. Professor Dai Yonghong of Shenzhen University emphasized the importance of combining AI with a deep understanding of Chinese market strengths to navigate global trade uncertainties. Shi Zhicheng from the China Quality Certification Center highlighted the need to embed carbon reduction strategies in line with China’s dual carbon goals. Customs expert Zu Xiaomin explained how the AEO (Authorized Economic Operator) system facilitates smoother international expansion for certified enterprises. A roundtable featuring executives from several furnishing companies illustrated a key shift in China’s manufacturing—moving from cost-driven competitiveness to a focus on quality and branding.

Additional forums throughout the 137th Canton Fair explored global opportunities across different sectors. The April 25 forum titled “The Rising Wave of ‘China Chic’ Going Global” examined how Chinese domestic brands are integrating traditional design elements with modern innovation to expand overseas. The Luggage & Bags Industry Transformation Forum on May 1 discussed market upgrades and unveiled WGSN’s 2026 Spring/Summer Accessories Trend Report, while the Sports Industry Innovation Forum on the same day spotlighted technology adoption and global brand-building strategies.

Together, these forums reinforced the Canton Fair’s role as a strategic platform for sharing industry foresight, fostering innovation, and supporting Chinese enterprises in their expansion journey into global markets.

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