Launches its technology-enabled parcel delivery services in Malaysia, Cambodia and Singapore to address rising e-commerce demand
HANGZHOU, China, July 2, 2020 /PRNewswire/ -- BEST Inc. (NYSE: BEST) ("BEST" or the "Company"), a leading integrated smart supply chain solutions and logistics services provider in China, today announced its further expansion into Southeast Asia.
BEST's launch of express delivery services in Malaysia, Cambodia and Singapore follows its entry into Thailand and Vietnam last year and marks another significant step forward in the Company's ambitions to build an efficient logistics network with extensive coverage in Southeast Asia.
The Company also announced to elevate its international logistics solutions by launching cross-border services between China and the five markets in Southeast Asia this month.
Johnny Chou, Founder, Chairman and CEO of BEST Inc., said, "We are excited to develop our logistics networks in Southeast Asia, a key focus area of our global strategy. The outbreak of COVID-19 accelerated and amplified consumers' reliance on e-commerce and created even larger potential opportunities in the region. We are confident that our technology-enabled logistics services and high-quality express delivery options will be a critical service component for both merchants and consumers, during both this difficult period and beyond it."
By leveraging its asset-light model and successful experience in Thailand and Vietnam, BEST plans to be operating a total of twelve sortation centers and around 400 service stations across Malaysia, Cambodia and Singapore over the next three years. This includes two customized flagship sortation centers in Kuala Lumpur and Phnom Penh that will be equipped with cutting-edge automation equipment, such as high-speed automatic sorting lines and dimension-weight-scanning systems.
According to joint research by Google, Temasek and Bain & Company, with 360 million mobile-savvy Internet users, Southeast Asia's e-commerce sector is on track to reach US$150 billion by 2025 from US$38 billion in 2019. In order to meet rising e-commerce demands and evolving customer needs, BEST is offering next-day delivery options for major areas of Thailand and same-day deliveries in Ho Chi Minh City and Hanoi in Vietnam. The Company's total parcel volume from Southeast Asia reached 8.8 million parcels in the first quarter.
BEST is also eyeing opportunities to provide additional services in the region, including supply chain management, freight delivery, and truckload capacity brokerage, with plans to operate in Indonesia and the Philippines in the near future.
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" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as BEST's strategic and operational plans, contain forward-looking statements. BEST may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about BEST's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: BEST's goals and strategies; BEST's future business development, results of operations and financial condition; BEST's ability to maintain and enhance its ecosystem; BEST's ability to continue to innovate, meet evolving market trends, adapt to changing customer demands and maintain its culture of innovation; fluctuations in general economic and business conditions in China and other countries in which BEST operates, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in BEST's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and BEST does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
ABOUT BEST INC.
BEST Inc. (NYSE: BEST) is a leading integrated smart supply chain solutions and logistics services provider in China. Through its proprietary technology platform and extensive networks, BEST offers a comprehensive set of logistics and value-add services, including express and freight delivery, supply chain management and last-mile services, truckload service brokerage, international logistics and financial 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: https://www.best-inc.com/en/.
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