J&T Express entered into a definitive agreement to acquire Chinese express delivery business of BEST Inc., for an enterprise value of approximately CNY 6.8 billion on October 29, 2021. The consideration is subject to certain adjustments and conditions under the terms of a definitive agreement entered into by the parties. BEST Inc., currently expects to receive approximately CNY 3.9 billion for the business in cash. The sale does not include any of BEST Inc.'s other businesses, namely, Supply Chain Management, Freight, Ucargo and Global. The transaction is subject to certain closing conditions and applicable regulatory approvals.

J&T Express completed the acquisition of Chinese express delivery business of BEST Inc., on December 17, 2021. The agreement has been approved by relevant regulatory agencies and the business has been transferred to J&T Express. JPMorgan Chase & Co. (NYSE:JPM) acted as financial advisor to BEST Inc. in the transaction.