On 18 January 2016, the Company entered into a preferred shares purchase agreement with, among others, Best Logistics, pursuant to which the Company, as one of the investors, agreed to subscribe for the new preferred shares of Best Logistics at the consideration of US$30,000,000. Best Logistics is a leading innovative integrated logistics and supply chain service provider in China. It engages in those businesses including express delivery, freight delivery and supply chain service. Best Logistics, was incorporated in the Cayman Islands with limited liabilities.
In June 2017, the name of Best Logistics was changed to BEST Inc.