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PR Newswire

Addentax Group Corp. Initiates Task Force to Investigate Suspected Illegal Trading Activities

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SHENZHEN, China, April 14, 2023 /PRNewswire/ — Addentax Group Corp. (“Addentax” or the “Company”) (Nasdaq: ATXG), an integrated service provider focusing on garment manufacturing, logistics service, property management and subleasing, and epidemic prevention supplies, today announced that it plans to assemble a specialized task force to investigate the alleged illegal trading targeting its stock. The Company believes that certain individuals or entities have participated in unauthorized sales of a substantial volume of its shares without securing proper delivery, in violation of the law. This illicit activity seems to be part of a market manipulation scheme designed to artificially depress the value of Addentax’s securities.

In response to these concerns, Addentax is proactively evaluating potential actions, which may include engaging experts with a proven track record in detecting potential fraud, insider trading, and market manipulation related to short-selling activities.

Short selling, a legitimate investment practice, entails an investor borrowing shares from another party and selling them with the intention of repurchasing them at a lower price to make a profit. Conversely, naked short selling, the act of selling shares without first borrowing them, is strictly prohibited under the Securities and Exchange Commission rules.

By engaging in repeated instances of naked short selling, malicious actors can accumulate significant profits and manipulate a stock’s price downward, potentially driving a company towards insolvency. In this situation, all equity is eliminated, and the naked shorts are no longer required to cover their positions.

Addentax remains steadfast in its commitment to conducting a thorough investigation of this matter and will take decisive action to pursue all available legal remedies.

About Addentax Group Corp.

Addentax Group Corp. is an integrated service provider focusing on garment manufacturing, logistics service, property management and subleasing, and epidemic prevention supplies. Its garment manufacturing business consists of sales made principally to wholesaler located in China. The logistics business consists of delivery and courier services covering 79 cities in seven provinces and two municipalities in China. The property management and subleasing business provides shops subleasing and property management services for garment wholesalers and retailers in garment market. The epidemic prevention supplies business consists of manufacturing and distribution of epidemic prevention products and resale of epidemic prevention supplies purchased from third parties in both domestic and overseas markets. For more information, visit the Company’s website at https://www.addentax.com/.

Safe Harbor Statement

All statements other than statements of historical fact in this announcement are forward-looking statements in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions are intended to identify such forward-looking statements. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to consider risk factors, including those described in the Company’s filings with the SEC, that may affect the Company’s future results. All forward-looking statements attributable to the Company and its subsidiaries or persons acting on their behalf are expressly qualified in their entirety by these risk factors. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

Company Contact:

Addentax Group Corp
Phone: + (86) 755 86961 405

Investor Relations Contact:”
Sherry Zheng
Weitian Group LLC
1-718-213-7386
Shunyu.zheng@weitian-ir.com 

Source: Addentax Group Corp.

PR Newswire

Nippon Express (Shanghai) Expands Functions with New Temperature-controlled Warehouse in Shanghai Waigaoqiao Free Trade Zone

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– Move Aimed at Meeting Growing Demand for Electrical/Electronics and Semiconductor-related Products –

TOKYO, April 14, 2023  /PRNewswire/ — Nippon Express (Shanghai) Co., Ltd. (hereinafter “NX Shanghai”), a group company of NIPPON EXPRESS HOLDINGS, INC., has constructed a new temperature-controlled warehouse in the Shanghai Waigaoqiao Free Trade Zone to meet growing demand for electrical, electronic, and semiconductor-related products.

Logo: https://kyodonewsprwire.jp/img/202304114729-O1-cEBz3AKi

Image1: Warehouse entrance https://kyodonewsprwire.jp/prwfile/release/M103866/202304114729/_prw_PI2fl_27V0H8QK.jpg

Image2: Warehouse interior https://kyodonewsprwire.jp/prwfile/release/M103866/202304114729/_prw_PI3fl_5G20BroG.jpg

Demand for electrical/electronics and semiconductor-related products is surging worldwide due to the increase in online business and remote working triggered by the COVID-19 pandemic.

To satisfy this climbing demand, NX Shanghai has constructed a new temperature-controlled warehouse in the Shanghai Waigaoqiao Free Trade Zone whose specifications allow temperature control in multiple independent storage rooms within the warehouse, enabling the company to offer product-specific storage and management of various electrical, electronic, and semiconductor-related products with differing storage requirements as well as high-quality distribution processing services.

The Nippon Express Group will be stepping up its efforts in the electrical/electronics and semiconductor industries, which it has positioned as priority industries in its Group business plan, and will continue to expand its logistics functions globally to assist customers in developing their own business activities.

Profile of temperature-controlled warehouse
– Location: No.11, Debao Road, Waigaoqiao Free Trade Zone, Shanghai
– Structure: Two-story building
– Total floor area: 3,764 m2 (1st floor: 3,484 m2; 2nd floor: 280 m2)
– Key facilities and functions: Air conditioning, power supply secured by a company-owned low-voltage power distribution room inside the warehouse, and temperature control possible in up to seven separate compartments and in individual storage rooms

Nippon Express website: https://www.nipponexpress.com/

Nippon Express Group’s official LinkedIn account:
https://www.linkedin.com/company/nippon-express-group/

Source: NIPPON EXPRESS HOLDINGS, INC.

PR Newswire

DEKRA expands Board of Management: Petra Finke and Peter Laursen to fill newly created Board of Management positions at DEKRA

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  • Two new Board Members to join DEKRA SE: Petra Finke (55) to become Chief Digitalization Officer (CDO) as of July 1, 2023, Peter Laursen (47) appointed as Chief Operation Officer (COO) with immediate effect.
  • They both complete the DEKRA SE Board of Management together with Stan Zurkiewicz as CEO and Wolfgang Linsenmaier as CFO.
  • The recent appointments result from significant changes made by DEKRA in both its Board of Management composition and organization, as the company seeks to accelerate its transformation and facilitate the execution of its Focus Strategy 2025.
  • The newly created CDO role will focus on enhancing DEKRA’s existing service portfolio and introducing new advanced digital services in the light of the ongoing digital transformation.
  • The newly created COO role is dedicated to strengthening DEKRA’s global position, improving the company’s business results, and better serving the needs of its customers across the globe.
  • Stefan Kölbl, Chairman of the Supervisory Board of DEKRA: “DEKRA’s vision is to become the leading global force in safety, security, and sustainability. The recent changes in the composition of the Board of Management are designed to advance our strategic growth plans and accelerate the pace of execution.”

SEOUL, South Korea, April 13, 2023 /PRNewswire/ — DEKRA appointed two new members to its Board of Management today: Petra Finke (55), currently Global CIO Rhenus Freight Logistics and CEO of Rhenus Freight Network GmbH, will join the company as Chief Digitalization Officer (CDO) on July 1, 2023, while Peter Laursen (47) will fill the role of Chief Operation Officer (COO) with immediate effect.

Stefan Kölbl, Chairman of the Supervisory Board of DEKRA: “DEKRA’s vision is to become the leading global force in safety, security, and sustainability. The recent changes in the composition of the Board of Management are designed to advance our strategic growth plans and accelerate the pace of execution. Petra Finke and Peter Laursen are the perfect choice for these new roles, and we are glad to welcome them as our new board members. We are convinced they will do great in their new responsibility.”

Petra Finke (55) has been working with Rhenus Group for over 20 years, most recently as Global CIO Rhenus Freight Logistics and CEO of Rhenus Freight Network GmbH. She was responsible for global IT and digitalization, and in this role successfully managed the transformation of the company’s heterogeneous IT and process landscape into a distributed, cloud-based digital ecosystem. Furthermore, she established Rhenus Freight Network GmbH as the central IT service provider and advisor for the global network, while developing digital customer solution to optimize logistics value chains.

In her newly created role as CDO of DEKRA, Petra Finke will pursue the company’s target to fully leverage the business potential of digitalization. DEKRA expects digital services to play a crucial role in the TIC industry (Testing, Inspection and Certification), and it is set to develop its service portfolio accordingly. Petra Finke will focus on improving existing services, as well as creating reliable services for DEKRA’s focus business areas future mobility, sustainability, and cyber security, by deploying the use of cutting-edge tech like AI and remote services.

Peter Laursen (47) has been employed at DEKRA for the past 10 years. He has an outstanding track record in business development, turning Denmark’s DEKRA Academy into the country’s undisputed market leader. In addition, he significantly expanded the range of services beyond trainings, providing for two-digit sales growth over the past years. Being responsible for the Region of North-West Europe, he successfully turned around underperforming businesses navigated external challenges such as impacts of the current geopolitical situation and inflation as well as supply chain bottlenecks.

As DEKRA’s new COO, he will oversee the company’s six business regions which comprise legal entities and operations in 60 countries on all continents, as well as Group Marketing & Sales. He will be responsible for expanding DEKRA’s global footprint, especially in the strategic growth regions of North America and Asia. Working with the company’s business regions, he will match DEKRA’s strong service portfolio with regional demands and work towards achieving the regions’ strategic and financial ambitions.

“I look forward to working closely with Petra Finke and Peter Laursen to deliver the best customer experience in our industry, across the globe. Their leadership qualities, expertise, and track record of success will be invaluable as we continue to evolve our business and accelerate our digital transformation,” said Stan Zurkiewicz, Chairman of the Board of Management and CEO of DEKRA.

Stan Zurkiewicz, Chairman of the Management Board DEKRA e.V. and DEKRA SE CEO

Petra Finke, as of July 1, 2023, Member of the Management Board DEKRA SE

CDO Stefan Kölbl, President of the Presidential Board of DEKRA e.V. and Chairman of the Supervisory Board of DEKRA SE

Peter Laursen, Member of the Management Board DEKRA SE COO and Head of Region North-West Europe

Wolfgang Linsenmaier, Member of the Management Board DEKRA e.V. and DEKRA SE CFO, HR and Organizational Excellence

About DEKRA

DEKRA has been active in the field of safety for almost 100 years. Founded in 1925 in Berlin as Deutscher Kraftfahrzeug-Überwachungs-Verein e.V., it is today one of the world’s leading expert organizations. DEKRA SE is a subsidiary of DEKRA e.V. and manages the Group’s operating business. In 2022, DEKRA will generate preliminary sales totaling almost EUR 3.7 billion. The company currently employs over 48,000 people (as of 30.09.2022) in approximately 60 countries on all continents. With qualified and independent expert ser-vices, they work for safety on the road, at work and at home. These services range from vehicle inspection and expert appraisals to claims services, industrial and building inspections, safety consultancy, testing and certification of products and systems, as well as training courses and temporary work. The vision for the company’s 100th birthday in 2025 is that DEKRA will be the global partner for a safe, secure, and sustainable world. With a platinum rating from EcoVadis, DEKRA is now in the top one percent of sustainable businesses ranked.

PR Newswire

Annual Sales of Home Appliances on Shop Now Platform Increases 9-Fold Year-on-Year

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SHANGHAI, March 27, 2023 /PRNewswire/ — JDDJ and Shop Now, the on-demand retail business jointly launched by JD.com, and Dada Group (Nasdaq: Dada), has reported great growth amidst significant expansion over the last 12 months in recent annual results.

In particular, the home alliance category has seen large growth. In March, JD.com published the “JD.com Helps the High-Quality Development of the Home Appliance Industry White Paper”. The white paper revealed that the home appliance industry is embracing the innovative on-demand retail, to achieve growth.

In 2022, sales in this category on JD Shop Now increased by more than 9 times year-over-year, making it of the most important channels for top home appliance brands.

As the key players in JD.com’s omni-channel service, JD Shop Now and JDDJ has connections to 11,000 brick-and-mortar home appliance stores, which accounts for about 60% of the top home appliance manufacturers and covered 300 cities in China.

As the on-demand retail business in JD.com’s ecosystem, JDDJ provides consumers with a service of “order online, deliver from nearby stores within one hour”. Based on analysis of home appliance trends, JDDJ identified the pain points of physical stores and provided integrated solutions in connecting off- and on-line inventories, user and service digitalization, to optimize cost, efficiency and experience.

As for large and heavy appliances, together with well-known merchants, JDDJ has established a “deliver and install” service, which can be fulfilled as quickly as the next day. The innovative service has greatly improved consumers’ experiences in home appliance consumption.

Since last year, home appliance’s on-demand retail business has been growing rapidly, and the online sales of offline stores are expected to exceed RMB 10 billion yuan in the next two years.

The key of on-demand retail is the digitalization of traditional stores. As the representative of open platform model, JDDJ does not touch the inventory, and brings high quality products and services to consumers together with all-category retailers and brand owners on-board.

By merging the borders of online and offline shopping, the omni-channel retailing model extensively integrates physical and digital channels, resources and capabilities to bring the ultimate experience to consumers while stimulating greater consumer potential.

At present, there is a surging need from retailers and brand owners for access to online traffic and efficient on-demand fulfillment solutions. More retailers are now starting to build their own O2O team and by leveraging JDDJ, they can expand their on-demand retail business rapidly.

About cooperation between Dada Group and JD.com

In October 2021, Dada Group and JD.com jointly launched the Shop Now service, and “Nearby”, a new tab on the homepage of JD.com’s app, which were designed to connect customers to nearby offline stores. The new business was overall undertaken by Dada Group. Shop Now service enhances on-demand location-based retail capabilities of both Dada and JD to provide one-hour retail and delivery services for consumers and partners. By clicking into the new Nearby tab, JD’s roughly 588 million users will have the opportunity to discover offline stores within a 3-5 kilometer radius of their shipping address with a wide array of product offerings.

PR Newswire

Locus Unveils ‘ShipFlex’ To Equip Businesses With Flexible & Intelligent Third-Party Delivery

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ShipFlex brings same-day & next-day delivery to enterprises through a simple integration, helping them optimize third-party delivery from order to doorstep.

SAN FRANCISCO, March 21, 2023 /PRNewswire/ — Locus, a global last-mile logistics technology company, announced the launch of ShipFlex, a third-party delivery platform that provides businesses with the flexibility to fully outsource their deliveries to a wide range of delivery carriers. ShipFlex helps businesses expand their reach and achieve break-neck delivery speeds, enabling them to offer same-day and next-day delivery capabilities in new geographies.

Inefficient carrier selection, capacity management, lack of real-time order visibility, etc., are some barriers that can hamper a business’s ability to make quick deliveries. Locus ShipFlex addresses these complexities by automating entire carrier workflows for the optimal price and delivering end-to-end visibility of order-to-doorstep deliveries across in-house, contracted, and outsourced fleets on a single dashboard. The platform also gives businesses access to Locus’ global carrier partners, such as FedEx, RPX Logistics, Loomis Express, Shadowfax, SPL, etc., helping them with their delivery orchestration in an efficient and cost-effective manner.

“ShipFlex is a result of our years of logistics industry experience and customer feedback. Through the integration with our dispatch management platform, ShipFlex will solve industry pain points by streamlining the entire last-mile fulfillment cycle by reducing costs and improving customer experience. ShipFlex is a game-changer for businesses that need fast, predictable deliveries to stay competitive,” said Nishith Rastogi, Founder and CEO of Locus.

Retail businesses like Lulu Group International are adopting Locus ShipFlex to achieve a competitive edge. Here’s what they have to say:

“As customer demand skyrockets, the complexity of managing our carrier network has proven to be a huge optimization opportunity. With Locus’ ShipFlex, we can streamline third-party deliveries with rich carrier integrations, real-time tracking, and more on a single dashboard. This has enabled us to take full control of our third-party order-to-delivery process, operate more efficiently, and ensure timely deliveries, resulting in an enhanced customer experience,” said Shinhas Majeed, Group General Manager – eCommerce at Lulu Group International.

By deploying ShipFlex, businesses can also:

  • Offer same-day and next-day deliveries in the local area.
  • Maintain a branded experience with third-party carriers through customizable end customer-facing tracking pages while maintaining a consistent visibility and delivery experience through 3PLs.
  • Enhanced post-purchase experience through automated SMS and email alerts to notify dispatch teams and customers of SLA breaches in real-time.

For more information, visit Locus ShipFlex.

About Locus

Locus’ order-to-delivery dispatch management software helps enterprises transform their Last-Mile logistics from cost centers to revenue generators through advanced optimization algorithms and intuitive workflow automation. Backed by GIC Singapore, Tiger Global, Qualcomm Ventures, and Falcon Edge, it has helped many global customers across industries – Unilever, Nestle, Bukalapak, The Tata Group, BlueDart, etc. – execute 850+ million deliveries across 30+ countries. Its technology has helped save $275 million in transit costs and offset 10 million kilograms in CO2 emissions while maintaining a 99.5% SLA adherence ratio.

PR Newswire

BEST Inc. Announces Unaudited Fourth Quarter and Fiscal Year 2022 Financial Results

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The Board Has Authorized a Share Repurchase Program

HANGZHOU, China, March 9, 2023 /PRNewswire/ — BEST Inc. (NYSE: BEST) (“BEST” or the “Company”), a leading integrated smart supply chain solutions and logistics services provider in China and Southeast Asia, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2022. The Company also announced that its board of directors has authorized a share repurchase program, under which the Company may repurchase up to US$20 million worth of its outstanding American Depositary Shares over the next 12 months.

Johnny Chou, Founder, Chairman and CEO of BEST, commented, “2022 was a challenging year. The COVID-19 pandemic and its related controls seriously impacted general economy, and was particularly hard for the logistic industry. However, under such severe challenges, we prevailed. In the fourth quarter of 2022, both BEST Freight and BEST Supply Chain Management have significantly improved their gross margins and narrowed their losses. At the same time, BEST Global began to show promising operating trends.

After lifting of COVID pandemic-related controls, we have seen a rapid recovery in general economy and our multiple business lines.  We are confident to deliver a strong growth and financial results in 2023.  In addition, our Board has authorized an up-to-$20M share repurchase program.” 

“During 2022, Best Freight focused heavily on digital transformation, cost reductions and quality improvement.  As a result, our operating efficiency and service quality have significantly improved.  In the fourth quarter, Freight’s gross margin grew by 10.4 percentage points and its net loss was narrowed by 69.3% year over year.”

“For BEST Supply Chain Management, its strong technical know-how and superb service capabilities helped us weather the storm.  Despite COVID-related restrictions throughout the year, BEST Supply Chain Management went above and beyond to make sure we provided our customers with top quality service. As a result, we were rewarded with additional business. Supply Chain Management has added 64 new key account customers in the second half of 2022 and its distribution volume and revenue increased in the fourth quarter by 82.1% and 2.7%, respectively, and gross margin increased to 4.4%, from negative 1.9%, year over year.”

“For BEST Global, with the lifting of COVID-related controls, we quickly adjusted our strategy, and realigned our organization in response to the evolving Southeast Asia market. We greatly elevated our organization’s capabilities, widening our network coverage and significantly improved our service quality.  We also expanded our coverage of small- and medium-sized enterprise customers and the revenue contribution from those customers grew by 13 percentage points to 40.2% in the fourth quarter of 2022, compared with the first quarter of 2022. In addition, we are accelerating our B2B2C and cross border business to provide additional product offerings. We believe this strategic direction will usher in Global’s fast recovery and prompt growth for a much improved gross margin and better cash flow in 2023.”

“We finished 2022 with a much more resilient, streamlined business infrastructure and improved operating efficiency. Our strengths in technology, domestic and global supply chain management as well as logistics services place us in a strong position to deliver a strong profitable growth in 2023 and beyond.” concluded Mr. Chou.

Gloria Fan, BEST’s Chief Financial Officer, added, “While our revenue for the fourth quarter was dampened by the COVID-19 pandemic, the cost control measures we enacted significantly narrowed our Group non-GAAP net loss by 52.4% year over year. We are actively managing our cash and our balance sheet remains healthy. At the end of 2022, we had cash, cash equivalents, restricted cash and short-term investments of RMB3.2 billion, after we used RMB1.4 billion during 2022 to repurchase our Convertible Senior Notes due 2024. Our overarching goal is to achieve ongoing sustainable and profitable growth. In 2023, we expect Freight and Supply Chain Management to become profitable in the second quarter and generate positive cash flow and profitable growth throughout the year, and BEST Global to see profitability in certain countries.”

FINANCIAL HIGHLIGHTS ([1]) 

For the Fourth Quarter Ended December 31, 2022:([2])

  • Revenue was RMB1,981.4 million (US$287.3 million), compared with RMB2,724.9 million in the fourth quarter of 2021. The decrease was primarily due to the wind-down of the BEST UCargo business line and lower Freight and Global volume. Revenue generated from UCargo was approximately RMB952,000 (US$0.1 million), compared with RMB350 million in the same quarter of 2021.
  • Gross Loss was RMB58.5 million (US$8.5 million), compared with RMB228.4 million in the fourth quarter of 2021. The decrease in gross loss was primarily due to improved gross margin from BEST Freight and BEST Supply Chain business lines. Gross Loss Margin was 3.0% for the fourth quarter of 2022, compared with a Gross Loss Margin of 8.4% in the same period of 2021.
  • Net Loss from continuing operations was RMB365.8 million (US$53.0 million), compared with RMB734.1 million in the fourth quarter of 2021. Non-GAAP Net Loss from continuing operations([3])([4]) was RMB338.0 million (US$49.0 million), compared with RMB710.4 million in the fourth quarter of 2021.
  • Diluted loss per ADS([5]) from continuing operations was RMB4.49 (US$0.65), compared with RMB9.07 in the fourth quarter of 2021. Non-GAAP diluted loss per ADS(3)(4) from continuing operations was RMB4.13 (US$0.60), compared with RMB8.77 in the fourth quarter of 2021.
  • EBITDA([6]) from continuing operations was negative RMB324.7 million (US$47.1million), compared with negative RMB658.9 million in the fourth quarter of 2021. Adjusted EBITDA(6) from continuing operations was negative RMB296.9 million (US$43.0 million), compared with negative RMB635.2 million in the fourth quarter of 2021.

For the Fiscal Year Ended December 31, 2022:

  • Revenue was RMB7,744.1 million (US$1,122.8 million), compared with RMB11,425.8 million in 2021. The decrease was primarily due to the wind-down of the BEST UCargo business line and lower Freight and Global volume. Revenue generated from UCargo was approximately RMB36.0 million (US$5.2 million), compared with RMB2,809.1 million in 2021.
  • Gross Loss was RMB263.6 million (US$38.2 million), compared with RMB199.4 million in 2021. The increase in gross loss was primarily due to lower parcel volume from BEST Global business line. Gross Loss Margin was 3.4%, compared with a Gross Loss Margin of 1.7% in 2021.
  • Net Loss from continuing operations was RMB1,464.8 million (US$212.4 million), compared with RMB1,263.9 million in 2021. Non-GAAP Net Loss from continuing operations([7])([8]) was RMB1,380.4 million (US$200.1 million), compared with RMB1,214.8 million in 2021.
  • Diluted loss per ADS([9]) from continuing operations was RMB18.17 (US$2.63), compared with a loss of RMB15.61 in 2021. Non-GAAP diluted loss per ADS(3)(4) from continuing operations was RMB17.09 (US$2.48), compared with a loss of RMB14.98 in 2021.
  • EBITDA([10]) from continuing operations was negative RMB1,266.2 million (US$183.6 million), compared with negative RMB976.2 million in 2021. Adjusted EBITDA(6) from continuing operations was negative RMB1,181.8 million (US$171.3 million), compared with negative RMB927.2 million in 2021.

BUSINESS HIGHLIGHTS([11]) 

BEST Freight – In the fourth quarter of 2022, Freight’s volume decreased by 7.6% year over year, and revenue decreased by 32.0% year over year to approximately RMB1.3 billion. The decrease in Freight revenue was primarily due to the wind-down of UCargo business unit.  The Company remained focused on developing its e-commerce related business, which contributed 21.2% of total volume in the fourth quarter of 2022. Freight’s gross margin was negative 1.3%, representing a 10.4 percentage points improvement from the same period of 2021 as we continued to reduce operating expenses and improve efficiency. For the full year of 2022, Freight’s volume decreased by 6.1% year over year to 8.7 million tonnes. 

BEST UCargo’s operations and financial results are now consolidated with BEST Freight. 

BEST Supply Chain Management – In the fourth quarter of 2022, total revenue for Supply Chain Management increased by 2.7% to RMB500.6 million year over year, and gross margin improved by 6.3 percentage points to 4.4%, narrowing Supply Chain Management’s net loss by RMB60.4 million, or 81.3%. Its distribution volume increased by 82.1% in the fourth quarter, while the total number of orders fulfilled by Cloud OFCs decreased by 15.6% year over year. For the full year of 2022, the distribution volume increased by 53.6% year over year, while the total number of orders fulfilled by Cloud OFCs decreased by 16.6%.  BEST Supply Chain Management’s gross margin for 2022 improved by 2.1 percentage points to 6.1%.

BEST Global – The market in Southeast Asia remained challenging in the fourth quarter of 2022. In the wake of relaxed COVID-19 pandemic control measures in the region, there was a shift in consumer consumption activities from online to offline, which negatively impacted the e-commerce logistics industry. As a result, Global’s parcel volume decreased by 41.8% year over year to 25.4 million in the fourth quarter of 2022. For the full year of 2022, Global’s parcel volume decreased by 19.1% year over year to 121.6 million.

Others

As part of its Strategic Refocusing Program, the Company substantially completed its wind down of the Capital business line in the fourth quarter of 2022.   

Key Operational Metrics

Three Months Ended

% Change YOY

December 31,
2020

December 31,
2021

December 31,

2022

2021 vs
2020

2022 vs
2021

Freight Volume (Tonne in ‘000)

2,623

2,408

2,226

(8.2 %)

(7.6 %)

Global Parcel Volume in
Southeast Asia (in ‘000)

27,891

43,707

25,421

56.7 %

(41.8 %)

Fiscal Year Ended

% Change YoY

December 31,
2020

December 31,
2021

December 31,

2022

2021 vs
2020

2022 vs
2021

Freight Volume (Tonne in ‘000)

8,392

9,218

8,659

9.8 %

(6.1 %)

Global Parcel Volume in
Southeast Asia (in ‘000)

73,585

150,392

121,637

104.4 %

(19.1 %)

FINANCIAL RESULTS ([12]) 

For the Fourth Quarter Ended December 31, 2022:

Revenue

The following table sets forth a breakdown of revenue by business segment for the periods indicated.

Table 1 – Breakdown of Revenue by Business Segment

Three Months Ended

December 31, 2021

December 31, 2022

(In ‘000, except for %)

RMB

% of
Revenue

RMB

US$

% of
Revenue

% Change
YOY

Total Freight

1,854,018

68.1 %

1,261,196

182,856

63.7 %

-32.0 %

  -Freight

1,503,995

55.3 %

1,260,244

182,718

63.6 %

-16.2 %

  -Legacy UCargo

350,023

12.8 %

952

138

0.1 %

-99.7 %

Supply Chain
Management

487,337

17.9 %

500,602

72,580

25.3 %

2.7 %

Global

330,564

12.1 %

195,680

28,371

9.9 %

-40.8 %

Others([13])

52,935

1.9 %

23,917

3,468

1.1 %

-54.8 %

Total Revenue

2,724,854

100.0 %

1,981,395

287,275

100.0 %

-27.3 %
  • Freight Service Revenue was RMB1,261.2 million (US$182.9 million) for the fourth quarter of 2022, compared with RMB1,854.0 million in the same period last year, of which, RMB952,000 and RMB350.0 million were from the legacy UCargo business line, respectively. Freight service revenue, excluding the legacy UCargo business, decreased by 16.2% year over year, primarily due to lower volume and decrease in average selling price per tonne.
  • Supply Chain Management Service Revenue increased by 2.7% year over year to RMB500.6 million (US$72.6 million) for the fourth quarter of 2022 from RMB487.3 million in the same period of 2021, primarily due to newly signed customers with high unit economics, and improved service capability.
  • Global Service Revenue decreased by 40.8% year over year to RMB195.7 million (US$28.4 million) for the fourth quarter of 2022 from RMB330.6 million in the same period of 2021, primarily due to decreased parcel volume.

Cost of Revenue

The following table sets forth a breakdown of cost of revenue by business segment for the periods indicated.

Table 2 – Breakdown of Cost of Revenue by Business Segment

Three Months Ended

% of Revenue
Change

YOY

December 31, 2021

December 31, 2022

(In ‘000, except for %)

RMB

% of
Revenue

RMB

US$

% of
Revenue

Freight

(2,070,840)

111.7 %

(1,277,026)

(185,151)

101.3 %

-10.4 %

Supply Chain
Management

(496,353)

101.9 %

(478,511)

(69,378)

95.6 %

-6.3 %

Global

(346,392)

104.8 %

(264,014)

(38,278)

134.9 %

30.1 %

Others

(39,679)

75.0 %

(20,321)

(2,946)

85.0 %

10.0 %

Total Cost of Revenue

(2,953,264)

108.4 %

(2,039,872)

(295,753)

103.0 %

-5.4 %
  • Cost of Revenue for Freight was RMB1,277.0 million (US$185.2 million), or 101.3% of revenue, in the fourth quarter of 2022. The 10.4% year-over-year decrease in cost of revenue as a percentage of revenue was mainly due to improved operating efficiency and effective cost control measures.
  • Cost of Revenue for Supply Chain Management was RMB478.5 million (US$69.4 million), or 95.6% of revenue, in the fourth quarter of 2022. The 6.3% year-over-year decrease in cost of revenue as a percentage of revenue was primarily due to effective cost control measures and customer structure optimization.
  • Cost of Revenue for Global was RMB264.0 million (US$38.3 million), or 134.9% of revenue, in the fourth quarter of 2022. The 30.1% year-over-year increase in cost of revenue as a percentage of revenue was primarily due to lower parcel volume. 
  • Cost of Revenue for Others was RMB20.3 million (US$2.9 million), or 85.0% of revenue, in the fourth quarter of 2022, representing a 10.0% year-over-year increase.

Gross loss was RMB58.5 million (US$8.5 million) in the fourth quarter of 2022, compared with a gross loss of RMB228.4 million in the fourth quarter of 2021; Gross Margin was negative 3.0%, compared with negative 8.4% in the fourth quarter of 2021.

Operating Expenses

Selling, General and Administrative (“SG&A”) Expenses were RMB263.4 million (US$38.2 million), or 13.3% of revenue in the fourth quarter of 2022, compared with RMB354.8 million, or 13.0% of revenue in the same quarter of 2021. The decrease in the SG&A expenses was primarily due to reduced employee headcount. 

Research and Development Expenses were RMB29.2 million (US$4.2 million), or 1.5% of revenue in the fourth quarter of 2022, compared with RMB50.3 million, or 1.8% of revenue in the fourth quarter of 2021, primarily due to reduced employee headcount.

Share-based Compensation (“SBC”) Expenses included in the cost and expense items above were RMB15.6 million (US$2.3 million) in the fourth quarter of 2022, compared with RMB23.7 million in the same period of 2021. Of the total SBC expenses, RMB0.08 million (US$0.01 million) was allocated to cost of revenue, RMB0.7 million (US$0.1 million) was allocated to selling expenses, RMB13.6 million (US$2.0 million) was allocated to general and administrative expenses, and RMB1.2 million (US$0.2 million) was allocated to research and development expenses.

Net Loss and Non-GAAP Net Loss from continuing operations

Net Loss from continuing operations in the fourth quarter of 2022 was RMB365.8 million (US$53.0 million), compared with RMB734.1 million in the same period of 2021. Excluding SBC expenses and fair value change of equity investments, Non-GAAP Net Loss from continuing operations in the fourth quarter of 2022 was RMB338.0 million (US$49.0 million), compared with RMB710.4 million in the fourth quarter of 2021.

Diluted loss per ADS and Non-GAAP diluted loss per ADS from continuing operations

Diluted loss per ADS from continuing operations in the fourth quarter of 2022 was RMB4.49 (US$0.65), compared with a loss of RMB9.07 in the same period of 2021. Excluding SBC expenses, amortization of intangible assets resulting from business acquisitions and fair value change of equity investments, Non-GAAP diluted loss per ADS from continuing operations in the fourth quarter of 2022 was RMB4.13 (US$0.60), compared with a loss of RMB8.77 in the fourth quarter of 2021. A reconciliation of non-GAAP diluted loss per ADS to diluted loss per ADS is included at the end of this results announcement.

Adjusted EBITDA and Adjusted EBITDA Margin from continuing operations

Adjusted EBITDA from continuing operations in the fourth quarter of 2022 was negative RMB296.9 million (US$43.0 million), compared with negative RMB635.2 million in the same period of 2021. Adjusted EBITDA Margin from continuing operations in the fourth quarter of 2022 was negative 15.0%, compared with negative 23.3% in the same period of 2021.

Capital Expenditures (“CAPEX”)

CAPEX was RMB11.1 million (US$1.6 million) or 0.6% of total revenue in the fourth quarter of 2022, compared with CAPEX of RMB20.6 million, or 0.8% of total revenue in the same period of 2021.

Cash and Cash Equivalents, Restricted Cash and Short-term Investments

As of December 31, 2022, cash and cash equivalents, restricted cash and short-term investments were RMB3.2 billion (US$464.5 million), compared with RMB5.5 billion as of December 31, 2021. In 2022, the Company bought back approximately US$200 million (RMB1.4 billion) aggregate principal amount of its existing Convertible Senior Notes due 2024.

For the Fiscal Year Ended December 31, 2022:

Revenue

The following table sets forth a breakdown of revenue by business segment for the periods indicated.

Table 3 – Breakdown of Revenue by Business Segment

Fiscal Year Ended

December 31, 2021

December 31, 2022

(In ‘000, except for %)

RMB

% of
Revenue

RMB

US$

% of
Revenue

% Change
 YoY

Total Freight

8,244,435

72.2 %

4,888,278

708,734

63.2 %

-40.7 %

  -Freight

5,435,354

47.6 %

4,852,299

703,518

62.8 %

-10.7 %

  -Legacy UCargo

2,809,081

24.6 %

35,979

5,216

0.4 %

-98.7 %

Supply Chain
Management

1,815,104

15.9 %

1,822,075

264,176

23.5 %

0.4 %

Global

1,193,855

10.4 %

916,907

132,939

11.8 %

-23.2 %

Others

172,442

1.5 %

116,812

16,936

1.5 %

-32.3 %

Total Revenue

11,425,836

100.0 %

7,744,072

1,122,785

100.0 %

-32.2 %
  • Freight Service Revenue was RMB4,888.3 million (US$708.7 million) in 2022 compared with RMB8,244.4 million in 2021, of which, RMB36.0 million and RMB2,809.1 million were from the legacy UCargo business line in 2022 and 2021, respectively. Freight service revenue, excluding the legacy UCargo business, decreased by 10.7% year over year, primarily due to lower volume.
  • Supply Chain Management Service Revenue increased by 0.4% year over year to RMB1,822.1 million (US$264.2 million) in 2022 from RMB1,815.1 million in 2021, primarily due to newly signed customers with high unit economics following discontinuation of certain low margin legacy accounts, as well as improved service capability.
  • Global Service Revenue decreased by 23.2% year over year to RMB916.9 million (US$132.9 million) in 2022 from RMB1,193.9 million in 2021, primarily due to decreased parcel volume.

Cost of Revenue

The following table sets forth a breakdown of cost of revenue by business segment for the periods indicated.

Table 4 – Breakdown of Cost of Revenue by Business Segment

Fiscal Year Ended

% of Revenue
Change

YoY

December 31, 2021

December 31, 2022

(In ‘000, except for %)

RMB

% of
Revenue

RMB

US$

% of
Revenue

Freight

(8,506,738)

103.2 %

(5,114,937)

(741,596)

104.6 %

1.4 %

Supply Chain
Management

(1,741,832)

96.0 %

(1,711,818)

(248,190)

93.9 %

-2.1 %

Global

(1,258,511)

105.4 %

(1,081,587)

(156,815)

118.0 %

12.6 %

Others

(118,143)

68.5 %

(99,288)

(14,395)

85.0 %

16.5 %

Total Cost of Revenue

(11,625,224)

101.7 %

(8,007,630)

(1,160,996)

103.4 %

1.7 %
  • Cost of Revenue for Freight was RMB5,114.9 million (US$741.6 million), or 104.6% of revenue in 2022. The 1.4% year-over-year increase in cost of revenue as a percentage of revenue was mainly due to lower volume.
  • Cost of Revenue for Supply Chain Management was RMB1,711.8 million (US$248.2 million), or 93.9% of revenue in 2022. The 2.1% year-over-year decrease in cost of revenue as a percentage of revenue was primarily due to effective cost control measures and customer structure optimization.
  • Cost of Revenue for Global was RMB1,081.6 million (US$156.8 million), or 118.0% of revenue in 2022. The 12.6% year-over-year increase in cost of revenue as a percentage of revenue was primarily due to lower parcel volume.  
  • Cost of Revenue for Others was RMB99.3 million (US$14.4 million), or 85.0% of revenue in 2022, representing a 16.5% year-over-year increase.

Gross loss was RMB263.6 million (US$38.2 million) in 2022, compared with a gross loss of RMB199.4 million in 2021; Gross Margin was negative 3.4%, compared with negative 1.7% in 2021.

Operating Expenses

Selling, General and Administrative (“SG&A”) Expenses were RMB1,127.3 million (US$163.4 million), or 14.6% of revenue in 2022, compared with RMB1,141.7 million, or 10.0% of revenue in 2021 due to reduced employee headcount.

Research and Development Expenses were RMB144.2 million (US$20.9 million), or 1.9% of revenue in 2022, compared with RMB180.2 million, or 1.6% of revenue in 2021 due to reduced employee headcount. 

Share-based Compensation (“SBC”) Expenses included in the cost and expense items above were RMB72.1 million (US$10.5 million) in 2022, compared with RMB107.7 million in 2021. Of the total SBC expenses, RMB0.32 million (US$0.05 million) was allocated to cost of revenue, RMB3.5 million (US$0.5 million) was allocated to selling expenses, RMB63.3 million (US$9.2 million) was allocated to general and administrative expenses, and RMB5.0 million (US$0.7 million) was allocated to research and development expenses.

Net Loss and Non-GAAP Net Loss from continuing operations

Net Loss from continuing operations in 2022 was RMB1,464.8 million (US$212.4 million), compared with RMB1,263.9 million in 2021. Excluding SBC expenses and fair value change of equity investments, Non-GAAP Net Loss from continuing operations in 2022 was RMB1,380.4 million (US$200.1 million), compared with RMB1,214.8 million in 2021.

Diluted loss per ADS and Non-GAAP diluted loss per ADS from continuing operations

Diluted loss per ADS from continuing operations in 2022 was RMB18.17 (US$2.63), compared with a loss of RMB15.61 in 2021. Excluding SBC expenses, amortization of intangible assets resulting from business acquisitions and fair value change of equity investments, Non-GAAP diluted loss per ADS from continuing operations in 2022 was RMB17.09 (US$2.48), compared with a loss of RMB14.98 in 2021. A reconciliation of non-GAAP diluted loss per ADS to diluted loss per ADS is included at the end of this results announcement.

Adjusted EBITDA and Adjusted EBITDA Margin from continuing operations

Adjusted EBITDA from continuing operations in 2022 was negative RMB1,181.8 million (US$171.3 million), compared with negative RMB927.2 million in 2021. Adjusted EBITDA Margin from continuing operations in 2022 was negative 15.3%, compared with negative 8.1% in 2021.

Capital Expenditures (“CAPEX”)

CAPEX was RMB143.3 million (US$20.8 million) or 1.9% of total revenue in 2022, compared with CAPEX of RMB160.0 million, or 1.4% of total revenue in 2021. 

SHARES OUTSTANDING

As of February 28, 2023, the Company had approximately 393.9 million ordinary shares outstanding([14]). Each American Depositary Share represents five (5) Class A ordinary shares.

FINANCIAL GUIDANCE

The Company confirms its guidance for total revenue between RMB 9.0 billion and RMB 9.5 billion for the full year of 2023.

This forecast reflects the Company’s current and preliminary view based on its current business situation and market conditions, which are subject to change.

WEBCAST AND CONFERENCE CALL INFORMATION

The Company will hold a conference call at 8:00 pm U.S. Eastern Time on March 8, 2023 (9:00 am Beijing Time on March 9, 2023), to discuss its financial results and operating performance for the fourth quarter and fiscal year 2022.

Participants may access the call by dialing the following numbers:

United States                                      : +1-888-317-6003

Hong Kong                                          : 800-963976 or +852-5808-1995

Mainland China                                   : 4001-206115

International                                        : +1-412-317-6061

Participant Elite Entry Number           : 1659917

A replay of the conference call will be accessible through March 15, 2023 by dialing the following numbers:

United States                                       : +1-877-344-7529

International                                         : +1-412-317-0088

Replay Access Code                          : 1608887

Please visit the Company’s investor relations website to view the earnings release prior to the conference call. A live and archived webcast of the conference call and a corporate presentation will be available at the same site.

ABOUT BEST INC.

BEST Inc. (NYSE: BEST) is a leading integrated smart supply chain solutions and logistics services provider in China and Southeast Asia. Through its proprietary technology platform and extensive networks, BEST offers a comprehensive set of logistics and value-added services, including freight delivery, supply chain management and global logistics 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: http://www.best-inc.com/en/.  

For investor and media inquiries, please contact:

BEST Inc.
Investor relations team                         
ir@best-inc.com

The Piacente Group, Inc.
Helen Wu
Tel: +86-10-6508-0677
E-mail: best@tpg-ir.com

The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail:  best@tpg-ir.com 

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 compete effectively; 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.

USE OF NON-GAAP FINANCIAL MEASURES

In evaluating its business, BEST considers and uses non-GAAP measures, such as non-GAAP net loss/income, non-GAAP net loss/income margin, adjusted EBITDA, adjusted EBITDA margin, EBITDA, and non-GAAP Diluted earnings/loss per ADS, as supplemental measures in the evaluation of the Company’s operating results and in the Company’s financial and operational decision-making. The Company believes these non-GAAP financial measures that help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of the expenses and gains that the Company includes in loss from operations and net loss. The Company believes that these non-GAAP financial measures provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures” in the results announcement.

The non-GAAP financial measures are provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors’ overall understanding of the Company’s current financial performance and prospects for the future. These non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for, or superior to, U.S. GAAP results. In addition, the Company’s calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.

Summary of Unaudited Condensed Consolidated Income Statements

(In Thousands)

Three Months Ended December 31,

Fiscal Year Ended December 31,

2021

2022

2021

2022

RMB

RMB

US$

RMB

RMB

US$

Revenue

Freight

1,854,018

1,261,196

182,856

8,244,435

4,888,278

708,734

-Freight

1,503,995

1,260,244

182,718

5,435,354

4852,299

705,696

-Legacy UCargo

350,023

952

138

2,809,081

35,979

3,038

Supply Chain Management

487,337

500,602

72,580

1,815,104

1,822,075

264,176

Global

330,564

195,680

28,371

1,193,855

916,907

132,939

Others

52,935

23,917

3,468

172,442

116,812

16,936

Total Revenue

2,724,854

1,981,395

287,275

11,425,836

7,744,072

1,122,785

Cost of Revenue

Freight

(2,070,840)

(1,277,026)

(185,151)

(8,506,738)

(5,114,937)

(741,596)

Supply Chain Management

(496,353)

(478,511)

(69,378)

(1,741,832)

(1,711,818)

(248,190)

Global

(346,392)

(264,014)

(38,278)

(1,258,511)

(1,081,587)

(156,815)

Others

(39,679)

(20,321)

(2,946)

(118,143)

(99,288)

(14,395)

Total Cost of Revenue

(2,953,264)

(2,039,872)

(295,753)

(11,625,224)

(8,007,630)

(1,160,996)

Gross Loss

(228,410)

(58,477)

(8,478)

(199,388)

(263,558)

(38,211)

Selling Expenses

(73,021)

(54,621)

(7,919)

(260,219)

(237,918)

(34,495)

General and Administrative
   Expenses

(281,772)

(208,738)

(30,264)

(881,498)

(889,345)

(128,943)

Research and Development
   Expenses

(50,294)

(29,247)

(4,240)

(180,204)

(144,181)

(20,904)

Other operating (loss)/income, net

(89,893)

3,387

491

58,337

108,817

15,777

Loss from Operations

(723,390)

(347,696)

(50,410)

(1,462,972)

(1,426,185)

(206,776)

Interest Income

17,735

19,208

2,785

49,658

80,361

11,651

Interest Expense

(29,310)

(16,329)

(2,367)

(142,751)

(89,058)

(12,912)

Foreign Exchange Gain/(loss)

44,186

68,318

9,905

44,556

(132,730)

(19,244)

Other Income

6,709

2,149

312

321,075

25,914

3,757

Other Expense

(34,657)

(13,815)

(2,003)

(55,253)

5,763

836

(Loss)/Gain on changes in the fair
value of derivative assets/liabilities

(14,918)

(77,577)

(11,248)

(14,918)

71,619

10,384

Loss before Income Tax and
   Share of Net Loss of Equity
   Investees

(733,645)

(365,742)

(53,026)

(1,260,605)

(1,464,316)

(212,304)

Income Tax Expense

(500)

(106)

(15)

(3,198)

(511)

(74)

Loss before Share of Net loss of
   Equity Investees

(734,145)

(365,848)

(53,041)

(1,263,803)

(1,464,827)

(212,378)

Share of Net Loss of Equity
   Investees

–

–

–

(58)

–

–

Net Loss from continuing
   operations

(734,145)

(365,848)

(53,041)

(1,263,861)

(1,464,827)

(212,378)

Net gain/(loss) from discontinued
   operations

2,679,400

(31,787)

(4,609)

1,473,489

(38,464)

(5,577)

Net Gain/(Loss)

1,945,255

(397,635)

(57,650)

209,628

(1,503,291)

(217,955)

Net Loss from continuing operations
   attributable to non-controlling
   interests

(28,727)

(13,055)

(1,893)

(52,279)

(39,980)

(5,797)

Net Gain/(Loss) attributable to
   BEST Inc.

1,973,982

(384,580)

(55,757)

261,907

(1,463,311)

(212,158)

Summary of Unaudited Condensed Consolidated Balance Sheets

(In Thousands)

As of December 31,2021

As of December 31, 2022

RMB

RMB

US$

Assets

Current Assets

Cash and Cash Equivalents

3,571,745

533,481

77,347

Restricted Cash

675,159

399,337

57,898

Accounts and Notes Receivables

827,631

691,324

100,237

Inventories

25,622

16,480

2,389

Prepayments and Other Current
   Assets

1,172,472

795,401

115,322

Short–term Investments

147,359

725,043

105,121

Amounts Due from Related Parties

125,198

76,368

11,072

Lease Rental Receivables

298,364

43,067

6,244

Total Current Assets

6,843,550

3,280,501

475,630

Non–current Assets

Property and Equipment, Net

762,642

784,732

113,775

Intangible Assets, Net

55,684

75,553

10,954

Long–term Investments

219,171

156,859

22,742

Goodwill

54,135

54,135

7,849

Non–current Deposits

92,866

50,767

7,361

Other Non–current Assets

111,640

75,666

10,971

Restricted Cash

1,069,244

1,545,605

224,092

Lease Rental Receivables

235,429

40,188

5,827

Operating Lease Right-of-use
Assets

1,899,522

1,743,798

252,827

Total non–current Assets

4,500,333

4,527,303

656,398

Total Assets

11,343,883

7,807,804

1,132,028

Liabilities and Shareholders’
   Equity

Current Liabilities

Long-term borrowings-current

287,814

79,148

11,475

Convertible Senior Notes held by
   related parties

633,475

1,045,488

151,582

Convertible Senior Notes held by
   third parties

633,475

77

11

Short–term Bank Loans

530,495

183,270

26,572

Accounts and Notes Payable

1,353,150

1,430,004

207,331

Income Tax Payable

587

1,563

227

Customer Advances and Deposits
   and Deferred Revenue

298,353

277,737

40,268

Accrued Expenses and Other
   Liabilities

1,591,639

1,198,228

173,727

Financing Lease Liabilities

1,851

1,490

216

Operating Lease Liabilities

518,248

544,262

78,911

Amounts Due to Related Parties

2,763

1,315

191

Total Current Liabilities

5,851,850

4,762,582

690,511

Summary of Unaudited Condensed Consolidated Balance Sheets (Cont’d)

(In Thousands)

As of December 31, 2021

As of December 31, 2022

RMB

RMB

US$

Non-current Liabilities

Convertible senior notes held by

 related parties

955,097

–

–

Long-term borrowings

67,080

381

55

Operating Lease Liabilities

1,456,843

1,292,057

187,331

Financing Lease Liabilities

2,121

1,392

202

Other Non–current Liabilities

24,261

18,752

2,719

Long-term Bank Loans

769,767

928,894

134,677

Total Non–current Liabilities

3,275,169

2,241,476

324,984

Total Liabilities

9,127,019

7,004,058

1,015,495

Mezzanine Equity:

Convertible Non-controlling Interests

191,865

191,865

27,818

Total mezzanine equity

191,865

191,865

27,818

Shareholders’ Equity

Ordinary Shares

25,988

25,988

3,768

Treasury Shares

(113,031)

–

–

Additional Paid–In Capital

19,522,173

19,481,417

2,824,540

Statutory reserves

167

–

–

Accumulated Deficit

(17,471,716)

(18,934,860)([15])

(2,745,297)

Accumulated Other
   Comprehensive Income

107,379

124,464

18,046

BEST Inc. Shareholders’ Equity

2,070,960

697,009

101,057

Non-controlling Interests

(45,961)

(85,128)

(12,342)

Total Shareholders’ Equity

2,024,999

611,881

88,715

Total Liabilities, Mezzanine Equity
   and Shareholders’ Equity

11,343,883

7,807,804

1,132,028

     Summary of Unaudited Condensed Consolidated Statements of Cash Flows

   (In Thousands)

Three Months Ended December 31,

Fiscal Year Ended December 31,

2021

2022

2021

2022

RMB

RMB

US$

RMB

RMB

US$

Net cash used in continuing
   operating activities

(508,632)

(241,890)

(35,071)

(891,135)

(1,051,662)

(152,478)

Net cash used in discontinued
   operating activities

(387,540)

–

–

(1,912,826)

(66,174)

(9,594)

Net cash used in operating
   activities

(896,172)

(241,890)

(35,071)

(2,803,961)

(1,117,836)

(162,072)

Net cash generated from
   continuing investing activities

3,236,982

239,536

34,729

4,990,734

150,756

21,858

Net cash used in discontinued
   Investing activities

(97,328)

–

–

(448,016)

–

–

Net cash generated from 
   investing activities

3,139,654

239,536

34,729

4,542,718

150,756

21,858

Net cash (used in)/generated
   from continuing financing
   activities

(746,656)

481

70

(237,922)

(1,948,367)

(282,487)

Net cash generated from/(used
   in) discontinued financing
   activities

469,421

–

–

(337,838)

–

–

Net cash (used in)/generated
   from financing activities

(277,235)

481

70

(575,760)

(1,948,367)

(282,487)

Exchange Rate Effect on Cash
   and Cash Equivalents, and
   Restricted Cash

(29,450)

(14,864)

(2,155)

(55,970)

77,722

11,269

Net increase/(decrease) in
   Cash and Cash Equivalents,
   and Restricted Cash

1,936,797

(16,737)

(2,427)

1,107,027

(2,837,725)

(411,432)

Cash and Cash Equivalents,
   and Restricted Cash at
   Beginning of Period

3,379,351

2,495,160

361,764

4,209,121

5,316,148

770,769

Cash and Cash Equivalents,
   and Restricted Cash at End
   of Period

5,316,148

2,478,423

359,337

5,316,148

2,478,423

359,337

RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES

For the Company’s continuing operations, the table below sets forth a reconciliation of the Company’s net loss to EBITDA, adjusted EBITDA and adjusted EBITDA margin for the periods indicated:

Table 5 – Reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin 

Three Months Ended December 31, 2022

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([16])

Total

Net Loss

(137,133)

(13,939)

(134,200)

(25,378)

(55,198)

(365,848)

Add

Depreciation &
Amortization

19,411

7,492

11,682

847

4,448

43,880

Interest Expense

–

–

–

–

16,329

16,329

Income Tax Expense

–

(12)

(5)

123

–

106

Subtract

Interest Income

–

–

–

–

(19,208)

(19,208)

EBITDA

(117,722)

(6,459)

(122,523)

(24,408)

(53,629)

(324,741)

Add

 Share-based

Compensation
Expenses

2,237

1,259

(235)

25

12,291

15,577

Loss from
depreciation of
investments

–

–

–

–

12,312

12,312

Adjusted EBITDA

(115,485)

(5,200)

(122,758)

(24,383)

(29,026)

(296,852)

Adjusted EBITDA
  Margin

(9.2 %)

(1.0 %)

(62.7 %)

(101.9 %)

–

(15.0 %)

Three Months Ended December 31, 2021

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([17])

Total

Net Loss

(447,057)

(74,380)

(85,518)

(60,046)

(67,144)

(734,145)

Add

Depreciation &
Amortization

19,730

9,431

4,696

23,257

6,058

63,172

Interest Expense

–

–

–

–

29,310

29,310

Income Tax
Expense

–

79

–

421

–

500

Subtract

Interest Income

–

–

–

–

(17,735)

(17,735)

EBITDA

(427,327)

(64,870)

(80,822)

(36,368)

(49,511)

(658,898)

Add

 Share-based

Compensation
Expenses

3,404

1,967

2,066

124

16,173

23,734

Adjusted EBITDA

(423,923)

(62,903)

(78,756)

(36,244)

(33,338)

(635,164)

Adjusted EBITDA
Margin

(22.9 %)

(12.9 %)

（23.8%)

(68.5 %)

–

(23.3 %)

Fiscal Year Ended December 31, 2022

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([18])

Total

Net Loss

(506,411)

(32,277)

(420,687)

(213,794)

(291,658)

(1,464,827)

Add

Depreciation &
Amortization

79,273

35,789

29,300

22,846

22,179

189,387

Interest Expense

–

–

–

–

89,058

89,058

Income Tax
Expense

–

23

25

451

12

511

Subtract

Interest Income

–

–

–

–

(80,361)

(80,361)

EBITDA

(427,138)

3,535

(391,362)

(190,497)

(260,770)

(1,266,232)

Add

 Share-based

Compensation
Expenses

10,478

6,081

4,962

319

50,256

72,096

Loss from
depreciation of
investments

–

–

–

–

12,312

12,312

Adjusted EBITDA

(416,660)

9,616

(386,400)

(190,178)

(198,202)

(1,181,824)

Adjusted EBITDA
Margin

(8.5 %)

0.5 %

(42.1 %)

(162.8 %)

–

(15.3 %)

Fiscal Year Ended December 31, 2021

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([19])

Total

Net Loss

(707,793)

(103,387)

(267,902)

(90,775)

(94,004)

(1,263,861)

Add

Depreciation &
Amortization

83,425

38,525

19,506

24,396

25,513

191,365

Interest Expense

–

–

–

–

142,751

142,751

Income Tax
Expense/(Benefit)

–

173

21

3,010

(6)

3,198

Subtract

Interest Income

–

–

–

–

(49,658)

(49,658)

EBITDA

(624,368)

(64,689)

(248,375)

(63,369)

24,596

(976,205)

Add

 Share-based

Compensation
Expenses

13,537

8,351

8,604

608

76,581

107,681

Subtract

Gain from
appreciation of
investments

–

–

–

–

(58,643)

(58,643)

Adjusted EBITDA

(610,831)

(56,338)

(239,771)

(62,761)

42,534

(927,167)

Adjusted EBITDA
Margin

(7.4 %)

(3.1 %)

(20.1 %)

(36.4 %)

–

(8.1 %)

For the Company’s continuing operations, the table below sets forth a reconciliation of the Company’s net loss to non-GAAP net loss, non-GAAP net loss margin for the periods indicated:

Table 6 – Reconciliation of Non-GAAP Net Loss and Non-GAAP Net Loss Margin

Three Months Ended December 31, 2022

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([20])

Total

Net Loss

(137,133)

(13,939)

(134,200)

(25,378)

(55,198)

(365,848)

Add

 Share-based

Compensation
Expenses

2,237

1,259

(235)

25

12,291

15,577

Loss from
depreciation of
investments

–

–

–

–

12,312

12,312

Non-GAAP Net
    Loss

(134,896)

(12,680)

(134,435)

(25,353)

(30,595)

(337,959)

Non-GAAP Net
    Loss Margin

(10.7 %)

(2.5 %)

(68.7 %)

(106.0 %)

–

(17.1 %)

Three Months Ended December 31, 2021

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([21])

Total

Net Loss

(447,057)

(74,380)

(85,518)

(60,046)

(67,144)

(734,145)

Add

 Share-based

Compensation
Expenses

3,404

1,967

2,066

124

16,173

23,734

Non-GAAP Net

Loss

(443,653)

(72,413)

(83,452)

(59,922)

(50,971)

(710,411)

Non-GAAP Net

Loss Margin

(23.9 %)

(14.9 %)

(25.2 %)

(113.2 %)

–

(26.1 %)

Fiscal Year Ended December 31, 2022

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([22])

Total

Net Loss

(506,411)

(32,277)

(420,687)

(213,794)

(291,658)

(1,464,827)

Add

 Share-based

Compensation
Expenses

10,478

6,081

4,962

319

50,256

72,096

 Loss from
 depreciation of
investments

–

–

–

–

12,312

12,312

Non-GAAP Net

Loss

(495,933)

(26,196)

(415,725)

(213,475)

(229,090)

(1,380,419)

Non-GAAP Net

Loss Margin

(10.1 %)

(1.4 %)

(45.3 %)

(182.8 %)

–

(17.8 %)

Fiscal Year  Ended December 31, 2021

(In RMB’000)

Freight

Supply Chain

Global

Others

Unallocated([23])

Total

Net Loss

(707,793)

(103,387)

(267,902)

(90,775)

(94,004)

(1,263,861)

Add

 Share-based

Compensation
Expenses

13,537

8,351

8,604

608

76,581

107,681

Subtract

Gain from
appreciation of
investments

–

–

–

–

(58,643)

(58,643)

Non-GAAP Net

Loss

(694,256)

(95,036)

(259,298)

(90,167)

(76,066)

(1,214,823)

Non-GAAP Net

Loss Margin

(8.4 %)

(5.2 %)

(21.7 %)

(52.3 %)

–

(10.6 %)

For the Company’s continuing operations, the table below sets forth a reconciliation of the Company’s diluted loss per ADS to Non-GAAP diluted loss per ADS for the periods indicated:

Table 7 – Reconciliation of diluted loss per ADS and Non-GAAP diluted loss per ADS

Three Months Ended December 31,

Fiscal Year Ended December 31,

2022

2022

(In ‘000)

RMB

US$

RMB

US$

Net Loss Attributable to Ordinary Shareholders

(352,793)

(51,148)

(1,424,847)

(206,581)

Add

Share-based Compensation Expenses

15,577

2,258

72,096

10,454

Loss from depreciation of investments

12,312

1,785

12,312

1,785

Non-GAAP Net Loss Attributable to Ordinary
   Shareholders

(324,904)

(47,105)

(1,340,439)

(194,342)

Weighted Average Diluted Ordinary Shares 
   Outstanding During the Quarter

Diluted

393,078,084

393,078,084

392,192,648

392,192,648

Diluted (Non-GAAP)

393,078,084

393,078,084

392,192,648

392,192,648

Diluted loss per ordinary share

(0.90)

(0.13)

(3.63)

(0.53)

Add

Non-GAAP adjustment to net loss per   
   ordinary share

0.07

0.01

0.21

0.03

Non-GAAP diluted loss per ordinary share

(0.83)

(0.12)

(3.42)

(0.50)

Diluted loss per ADS

(4.49)

(0.65)

(18.17)

(2.63)

Add

Non-GAAP adjustment to net loss per ADS

0.36

0.05

1.08

0.15

Non-GAAP diluted loss per ADS

(4.13)

(0.60)

(17.09)

(2.48)

([1]) All numbers presented have been rounded to the nearest integer, tenth, or hundredth, and year over year comparisons are based on figures before rounding.                     

([2]) In December 2021, BEST sold its China express business, the principal terms of which were previously announced. As a result, China express business has been deconsolidated from the Company and its historical financial results are reflected in the Company’s consolidated financial statements as discontinued operations accordingly. The financial information and non-GAAP financial information disclosed in this press release is presented on a continuing operations basis, unless otherwise specifically stated.

([3]) Non-GAAP net income/loss represents net income/loss excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, and fair value change of equity investments (if any).

([4]) See the sections entitled “Use of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures” for more information about the non-GAAP measures referred to within this results announcement.

([5]) Diluted earnings/loss per ADS, is calculated by dividing net income/loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares expressed in ADS outstanding during the period.

([6]) EBITDA represents net income/loss excluding depreciation, amortization, interest expense and income tax expense and minus interest income. Adjusted EBITDA represents EBITDA excluding share-based compensation expenses and fair value change of equity investments (if any).

([7]) Non-GAAP net income/loss represents net income/loss excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, and fair value change of equity investments (if any).

([8]) See the sections entitled “Use of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures” for more information about the non-GAAP measures referred to within this results announcement.

([9]) Diluted earnings/loss per ADS, is calculated by dividing net income/loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares expressed in ADS outstanding during the period.

([10]) EBITDA represents net income/loss excluding depreciation, amortization, interest expense and income tax expense and minus interest income. Adjusted EBITDA represents EBITDA excluding share-based compensation expenses and fair value change of equity investments (if any).

([11]) All numbers presented have been rounded to the nearest integer, tenth, or hundredth, and year over year comparisons are based on figures before rounding.                     

([12]) All numbers represented the financial results from continuing operations, unless otherwise stated.             

([13]) “Others” Segment primarily represents Capital business units. Results from UCargo’s legacy contracts with external customers are now reported under “Freight” segment and prior period segment information were retrospectively revised to conform to current period presentation.         

([14]) The total number of shares outstanding excludes shares reserved for future issuances upon exercise or vesting of awards granted under the Company’s share incentive plans.

([15]) Including accumulated accretion to redemption value and deemed dividend in relation to redeemable convertible preferred shares of RMB9,493,807, and accumulated loss from operations of RMB9,441,053.

([16]) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.

([17]) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.

([18]) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.

([19]) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.

([20]) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.

([21]) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.

([22]) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.

([23]) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.

Cision View original content:https://www.prnewswire.com/news-releases/best-inc-announces-unaudited-fourth-quarter-and-fiscal-year-2022-financial-results-301765733.html

Source: BEST Inc.

PR Newswire

SurplusGLOBAL Announces Executive Promotion, Recruitment, and Establishment of Equipment Technology Team

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SEOUL, South Korea, March 3, 2023 /PRNewswire/ — SurplusGLOBAL, the leading global platform company for pre-owned semiconductor equipment (www.SurplusGLOBAL.com), announced on the 27th a major organizational restructuring to achieve sustainable business growth until 2030.

SurplusGLOBAL announces the promotion of Jeff Kim to Managing Director(left), and the hiring of Danny Kim as Managing Director of the Global Parts Platform, Sam Yoo as Managing Director of the Sales 3 team
SurplusGLOBAL announces the promotion of Jeff Kim to Managing Director(left), and the hiring of Danny Kim as Managing Director of the Global Parts Platform, Sam Yoo as Managing Director of the Sales 3 team

SurplusGLOBAL has announced the establishment of a new equipment technology team to enhance technology development and customer support continuously. The team will focus on expanding the technical customer solutions for used semiconductor equipment and aims to assemble a group of top-level equipment engineers to provide cutting-edge customer solutions. With this latest move, SurplusGLOBAL is reaffirming its commitment to delivering world-class services to its customers.

Jeff Kim has been promoted to Managing Director. In contrast, Danny Kim and Sam Yoo joined SurplusGLOBAL as newly recruited executives in the global parts platform and semiconductor back-end equipment sales teams.

In particular, Managing Director Jeff Kim has worked at SurplusGLOBAL for over 16 years and is an equipment sales veteran with rich experience in large-scale project bidding, including back-end semiconductor equipment and front-end equipment sales in various fields.

SurplusGLOBAL appoints Managing Director Danny Kim to lead the expansion of the global parts platform business and make it the company’s primary business by 2030, addressing global parts supply chain challenges. As the new Managing Director, Sam Yoo will spearhead the back-end equipment distribution business at SurplusGLOBAL. He brings a wealth of experience in overseas marketing and supply chain management, gained during his time as a semiconductor China sales representative.

Managing Director Jeff Kim expressed, “Having served SurplusGLOBAL for the past 16 years since my joining in 2007, I am now entrusted with the responsibility of undertaking novel challenges as an executive to realize the company’s vision. Nonetheless, I remain confident we shall accomplish it collectively with our colleagues.”

SurplusGLOBAL continues to expand its equipment technology and global sales organization while entering the semiconductor equipment cluster, pursuing deeper and more diverse solutions for the global semiconductor fab and foundry supply chain in Korea and worldwide.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/surplusglobal-announces-executive-promotion-recruitment-and-establishment-of-equipment-technology-team-301761853.html

Source: SurplusGLOBAL, Inc.

PR Newswire

JD.com and APEC Women Leadership Forum Co-Launch Report on Women’s Contributions to Sustainable Consumption and Production

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BEIJING, Jan. 17, 2023 /PRNewswire/ — APEC Women Leadership Forum, the premier platform on fostering women’s economic empowerment among the 21 economies of the Asia -Pacific Economic Cooperation (APEC), and JD.com co-launched the “APEC Report：Observation of Women’s Value in Sustainable Consumption and Production,” which adopted extensive surveys and consumption data to examine the role of women as both producers and consumers in advancing sustainability.

The report found that women are instinctively leading the green consumption path with their actions, and their shopping choices often determine the consumption patterns of each household. Meanwhile, women demonstrate prominent leadership in driving the “Sustainability/ SDG / CSR” fields in the corporate world.

Shopping greener “before you know it”

Based on the results of a survey conducted by JD.com’s Consumption and Industry Development Institute on over 2,000 respondents on the topic of responsible consumption, women weigh “environmentally friendly” as a much higher consideration than men when considering products. In fact, it is the only factor on which they outscored men, whereas the latter showed comparatively more concerns for other factors such as brand, culture, and price.

Interestingly, when being asked about the concept and their understanding of sustainable consumption, female respondents gave themselves more moderate ratings than male did, with only 49.75 percent choosing “understand very well” and “understand,” while 31.19 percent opted for “not sure.” However, their feedback on actual shopping choices unveiled a stronger tendency towards energy saving, trade-in, replaceable and recyclable products, especially in the categories of home appliances, furnishing and decorations, office supplies, car accessories, footwear, health products and more. These results demonstrate that women may have a deeper understanding about the concept of sustainable consumption than they give themselves credit for, as they are more likely to choose sustainable products instinctively.

When asked, “Which player is more important in promoting sustainable consumption?” Forty-four percent of female respondents chose “consumers” over “product makers” （30 percent）, and “circulators” (27 percent). Female respondents also showed higher approval of producers for behavior categories including offering job opportunities, supporting disadvantaged groups, proper waste handling and more.

Shaping sustainable producers with “SHE Power”

With more and more enterprises setting up the dedicated function of “Sustainability/ SDG /CSR,” the role to implement these initiatives is mainly led by women, accounting for over 60 percent in surveyed companies that have set up such dedicated departments, and 82 percent in other companies that have relevant positions, according to APEC Women Leadership Forum’s research on women business leaders, in a new attempt to study women’s role as producers in sustainable consumption.

According to the surveys on which the report is based, women leaders demonstrate stronger focus on long-term value and innovation for sustainable solutions, with respondents expressing that they started formulating relevant thinking 6 to 10 years ago (30 percent). A majority are driven by the factors of “enterprise development need” (76 percent), “inspired by global trends” (73 percent), and “guided by domestic policies” (73 percent). 

The report also noted that it is urgent for the whole society to enhance awareness of responsible consumption and production amid global uncertainties in order to continue making progress toward the Sustainable Development Goal. Meanwhile, how to strike a balance between the Goal and enterprise ROI, and the lack of unified ESG standards, talents and corporate capacities, all pose threats to this course.

As a leading supply chain-based technology and service provider, JD.com is committed to collaborating with upstream and downstream partners and the whole society to collectively build a more productive and sustainable world. JD.com’s green supply chain efforts, known as the “Green Stream Initiative,” have so far engaged more than 300,000 enterprises in carbon reduction activities ranging from packaging, warehousing, transportation, product recycling and more. On the demand side, the company introduced the “Green Impact Initiative” in May 2022, which made nearly a million kinds of products on its platform more identifiable with environmentally-friendly labels, in order to raise awareness among its hundreds of millions users.

Cision View original content:https://www.prnewswire.com/news-releases/jdcom-and-apec-women-leadership-forum-co-launch-report-on-womens-contributions-to-sustainable-consumption-and-production-301722997.html

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Ecolog International Appoints Juan Chaparro as Executive Director and Chairman of the Board

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DUBAI, UAE, Jan. 9, 2023 /PRNewswire/ — Ecolog International, a leading global provider of integrated services and logistics solutions for life support, supply chain, energy and healthcare industries, announced the appointment of Juan Chaparro as Executive Chairman of the Board, as of 01 January 2023.

With over 30 years’ experience as an executive in supply chain management, procurement and sourcing, having worked for globally recognized companies such as Zara (Inditex), Esprit and Primark, Mr. Chaparro brings a wealth of expertise in complex logistics management in fast-paced environments as well as the B2C focus. This aligns with Ecolog’s vision and growth strategy and makes him a valuable addition to the leadership team.

Commenting on his new role, Juan Chaparro said, “Ecolog is a unique organization with distinguished history and the potential to help improve all aspects of the lives of the people it serves, from water and sanitation to catering, healthcare and the wider environment. Its people-driven focus and family-like culture, both internally and externally, are among the many reasons I am excited to be joining”

Mr. Chaparro’s appointment comes at a pivotal time as Ecolog progresses with expanding its service offering into customized healthcare solutions, clean water and renewable energy as well as sustainable food technologies. With projects in both emerging and established markets catering to various institutional clients, Ecolog is set to leverage its scale and footprint to also provide direct services to consumers.

“This is an exciting phase of the company’s development, investigating how we can mobilize our most valuable asset – our people and their skills – to grow their abilities and expand our capacity to assist more people in more ways. I am eager to contribute in my new role and honoured to lead our incredible team towards new heights of success”, said Juan Chaparro.

About Ecolog

Ecolog International is a global provider of integrated services and sustainable solutions tailored to the needs of diverse range of customers in the humanitarian, healthcare, energy, mining and infrastructure industries. Incorporated over two decades ago in Germany, with the footprint in nearly 40 countries, the company’s service portfolio includes life support, supply chain management, construction, engineering, healthcare and environmental services. Driven by the passion to serve people and communities, Ecolog has an extensive experience in providing fast response solutions, integrated and complex logistics as well as mission-critical operations.

Press Contact: press@ecolog-international.com T: +971 (0)4 299 4500 

PR Newswire

Teresa Carlson Joins Flexport as President and Chief Commercial Officer

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Trailblazing Former Microsoft and AWS Leader Brings 25 Years of Global Experience to Drive Growth and Innovation at Flexport

SAN FRANCISCO, Jan. 6, 2023 /PRNewswire/ — Flexport, a global leader in supply chain technology, announced today the appointment of former Microsoft and Amazon executive Teresa Carlson as President and Chief Commercial Officer. As a member of the Flexport executive leadership team, she will report to Dave Clark, Co-Chief Executive Officer at Flexport.

Teresa Carlson, President and Chief Commercial Officer, Flexport

Teresa Carlson, President and Chief Commercial Officer, Flexport

Carlson brings more than 25 years of innovation and leadership experience building global technology businesses in public and private sectors to drive Flexport’s ambitious growth roadmap. Carlson will oversee Flexport’s sales, marketing and communications, as well as its impact arm Flexport.org. She will also spearhead the company’s expansion in new global markets, verticals, and strategic partnerships.

“Teresa has an impressive track record of scaling businesses globally, and I have seen first-hand her dedication to delivering best-in-class technology solutions for customers around the world,” said Dave Clark, co-CEO of Flexport. “As Flexport looks to its next phase of growth, we believe Teresa’s leadership will help us forge new partnerships at a global scale and seize the incredible opportunity to digitally transform the supply chain for multiple industries.”

Most recently, Carlson was Corporate Vice President and Executive-in-Residence at Microsoft. Prior to that, she was President and Chief Growth Officer at Splunk, where she oversaw 70% year-over-year cloud revenue growth. Before joining Splunk, Carlson served as Vice President, Amazon Web Services (AWS), where she founded and led the Worldwide Public Sector business for more than a decade and became a global leader in the cloud computing field. Additionally, in 2020, she spearheaded AWS’ expansion in financial services, energy, telecommunications, healthcare, and aerospace industries. Prior to AWS, Carlson spent more than nine years at Microsoft, where she oversaw the company’s US federal government business.

“Flexport has changed the way businesses view supply chain and logistics, and their technology-enabled platform has the power to make a huge impact for so many industries across the globe,” said Carlson. “I’m excited to join the talented Flexport team to grow the business globally and empower current and new customers with our full suite of innovative technology solutions.”

As part of her new role at Flexport, Carlson will leverage her deep expertise in the non-profit sector to lead the company’s humanitarian aid and sustainability arm Flexport.org and broaden its global impact. Flexport.org enables public and private organizations to deliver aid and meet their sustainability goals with greater ease and lower costs. To date, Flexport.org has helped deliver aid to 84 countries and supported more than 600 organizations with logistics and shipping, including raising over $30 million and shipping 13.2 million pounds of critical aid to help those impacted by the humanitarian crisis in Ukraine. Flexport.org’s sustainability programs also reduced more than 300,000 tonnes of greenhouse gas emissions.

Carlson has long been a strong advocate for empowering women in the tech industry. While at AWS, she founded the company’s diversity and inclusion initiative, “We Power Tech,” to increase the number of underrepresented technologists in the innovation economy. On the non-profit and philanthropic front, Carlson currently serves as an officer for The Economic Club of Washington, D.C. and the Vice Chair of the White House Historical Association. She also serves on boards of the Atlantic Council and the Pentagon Memorial Fund.

About Flexport

We believe trade can move the human race forward. That’s why it’s our mission to make global trade easy for everyone. Flexport is the technology platform for global logistics – empowering buyers, sellers, and their logistics partners with the technology and services to grow and innovate. Companies of all sizes – from emerging brands to Fortune 500s – used Flexport technology to move nearly $19 billion of merchandise across 112 countries in 2021. In 2022, Flexport was named on CNBC’s Disruptor 50 List as well as one of Fast Company’s Most Innovative Companies.

About Flexport.org

Flexport.org is the sustainability and impact team within Flexport that enables organizations to deliver aid and meet their sustainability goals with greater ease and lower costs. Flexport.org creates value-added services for Flexport users to measure and reduce greenhouse gas emissions, bringing sustainability into their business roadmap. Flexport.org also provides critically needed visibility and expertise to nonprofits and NGOs, governments, and social enterprises, helping deliver aid and development shipments where they are needed most.

Source: Flexport, Inc.