Alibaba proposes to privatize Best Express

Staff reporter and Reuters

Alibaba (9988) and its logistic unit Cainiao propose to privatize US-listed domestic peer Best Express with US$2.88 (HK$22.46) per American depositary share in cash - about 25 percent higher than the previous close.

The news sent supply chain company Best's shares in New York surging 15.6 percent in pre-market trading yesterday to US$2.67 apiece.

The buyout is proposed by Best's founder, chair and chief executive Johnny Chou Shao-ning, as well as Alibaba Investment, Cainiao Smart Logistics Investment and other firms.

Meanwhile, the European Commission on Monday ordered Alibaba's AliExpress to provide information on how it tackles illegal products - such as counterfeit goods - sold on its platform by November 27 or face an investigation that could result in fines.

The EU executive said it had sent a request for information to AliExpress in line with newly adopted EU rules called the Digital Services Act, which requires big tech companies to do more to counter illegal and harmful items on their platforms.

In other news, Ant Group, the fintech affiliate of Alibaba, has received approval from the Chinese government to roll out products powered by its large language model Bailing to the public.