BEST Inc. Announces Plan to Implement ADS Ratio Change

No fees will be charged to ADS holders in connection with the change in ADS ratio

HANGZHOU, China, March 23, 2023 /PRNewswire/ — BEST Inc. (NYSE: BEST) (“BEST” or the “Company”), a leading integrated provider of intelligent supply chain solutions and logistics services in China And South East Asiaannounced today that it plans to change the ratio of its American Depositary Shares (“ADSs”) to its Class A common shares (the “ADS Ratio”), par value $0.01 per share from the current ADS ratio of one (1) ADS to five (5) Class A Common Shares to a new ADS ratio of one (1) ADS to twenty (20) Class A Common Shares (the “ADS Ratio Change” )”). The Company anticipates that the ADS Ratio change will be effective on or about April 4, 2023 (the “Effective Date”). For BEST ADS holders, the change in ADS ratio has the same effect as an inverse ADS split from one to four.

On the Effective Date, registered holders of ADSs held in certified form must surrender their certified ADSs to Citibank, NA, as custodian for BEST’s ADS program (“Custodian”), for mandatory cancellation and will receive one (1) new one ADSs in exchange for every four (4) existing ADSs then held.

Holders of non-certified ADSs in the Direct Registration System (“DRS”) and The Depository Trust Company (“DTC”) will have their ADSs automatically exchanged and do not need to take any action. Exchanges for every four (4) existing ADSs for one (1) new ADS will be automatic, with existing ADSs being canceled and new ADSs being issued by the Custodian on the Effective Date.

BEST’s ADSs will continue to trade on the New York Stock Exchange under the ticker symbol “BEST”. ADS holders, whether certified or non-certified ADS, will not be charged any fees associated with exchanging existing ADSs for new ADSs. No fractional amounts of new ADS will be issued in connection with the change in ADS ratio. Instead, fractional entitlements to new ADSs will be aggregated and sold by the Custodian and the net cash proceeds from the sale of fractional entitlements to ADSs (after deduction of execution costs, taxes and duties) will be distributed to the relevant ADS holders. The change in ADS Ratio will not affect the underlying BEST Class A Common Shares and no Class A Common Shares will be issued or canceled in connection with the change in ADS Ratio.

As a result of the ADS Ratio Change, BEST’s ADS trading price is expected to increase proportionately; however, there is no guarantee that the ADS Dealing Price after the ADS Ratio change will be equal to or greater than four (4) times the ADS Dealing Price prior to the change.

SAFE HARBOR STATEMENT

This release contains forward-looking statements. These statements are made in accordance with the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by terms such as “will”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and similar statements. Among other things, 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 US Securities and Exchange Commission (the “SEC”), its annual report to shareholders, in press releases and other written materials, and in oral statements made by BEST 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 statements, 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 compete effectively; BEST’s ability to continue to innovate, meet evolving market trends, adapt to changing customer needs and maintain its culture of innovation; Fluctuations in general economic and business conditions in China and other countries where BEST operates; BEST’s ADS trading price and whether it will increase following the ADS Ratio change; and assumptions underlying or related to the foregoing. Additional information regarding these and other risks is contained in BEST’s filings with the SEC. All information in this press release and the attachments is as of the date of this press release and BEST undertakes no obligation to update any forward-looking statements, except as required by applicable law.

ABOUT BEST INC.

BEST Inc. (NYSE: BEST) is a leading integrated provider of intelligent supply chain solutions and logistics services in China And South East Asia. Through its proprietary technology platform and extensive network, BEST offers a comprehensive suite of logistics and value-added services including freight delivery, supply chain management and global logistics services. BEST’s mission is to empower businesses and enrich lives by leveraging technology and business model innovations to create a smarter and more efficient supply chain. For more information, visit: http://www.best-inc.com/en/.

SOURCE BEST Inc.