On June 20, 2024, BEST Inc. (“BEST”, NYSE: BEST), a leading integrated smart supply chain solutions and logistics services provider in China and Southeast Asia, announced that it has entered into an Agreement and Plan of Merger (the “Merger Agreement”) with a buyer consortium comprised of its management, Alibaba, Cainiao, IDG and certain other investors (the “Buyer Consortium”). Pursuant to the Merger Agreement, the merger subsidiary formed by the Buyer Consortium will merger with and into BEST, with BEST being the surviving company. After the closing of the merger, BEST will be delisted from the New York Stock Exchange. The merger is expected to close during the third quarter of 2024.

Fangda serves as U.S. legal counsel and lead counsel to the Buyer Consortium in this privatization transaction. This deal makes the first time Fangda serves as U.S. legal counsel and lead buyer consortium counsel in the privatization of a public company listed on an overseas stock exchange. The Fangda team in this transaction is led by corporate partners Mark LEHMKUHLER, Tianyi Chen and Ray Bu, and team members include counsel Weil Feng and associate Grace Fang.