China Logistics Company BEST Inc. Reports Relief Efforts
The stock in BEST Inc. (NYSE: BEST) inched 2 cents higher Thursday, to $5.03 per American depositary share, after it reported the actions it took to help combat Covid-19 in China and abroad.
The Hangzhou-based logistics company, backed by Chinese giant Alibaba (NYSE: BABA; HKEX: 9988), said in its "second environmental, social and governance (ESG) report" today that it had set up an early response team during the pandemic crisis.
BEST highlighted that it had "delivered over 170,000 items of medical and relief supplies across China; sponsored shipments of epidemic relief materials to France, Vietnam and Malaysia; and distributed about 400,000 masks to its overseas subsidiaries."
The relief supplies, which included masks, goggles, and gloves, were worth 50 million yuan, according to the report.
The company also listed its initiatives on sustainability last year, saying it has reduced paper waste by implementing the digital waybill, used more than 35 million eco-friendly satchels as opposed to plastic, reduced its fuel usage and carbon dioxide emissions.
"We believe that our success is based on our ability to positively impact our community as we all seek to improve the world around us," the founder, chairman, and chief executive officer of BEST, Johnny Chou, said in a statement.
Chou added, "In the face of the COVID-19 pandemic, we responded quickly and remained committed to helping our employees, customers, and communities during this critical time. Looking forward, we will continue to identify and invest in more sustainable growth channels and develop a smarter, greener supply chain and logistics platform in China and beyond."
Prior to the coronavirus outbreak, BEST shares traded near $6.30 apiece, then slipped in late January and took a jagged slide to the lowest of $4.01 per share. By late April, the company's stock rebounded to about $5.50.