BEST - Micro Cap Bid Up On Share Buyback Program Announcement

2023-03-08 10:31:18 ET

A China-based micro cap is seeing its shares catch a significant bid on Wednesday morning after it was announced that its board of directors has authorized a %ShareRepurchase program, under which the company may repurchase up to US$20 million worth of its outstanding American Depositary Shares ("ADSs") over the next 12 months.

Shares of %BESTInc . (), which are American Depositary Shares each representing five Class A shares, were bid big time on Wednesday morning as traders are willing to buy shares at $0.7115/share (+9.41% implied open for sellers) at the time of writing. It should be an interesting Wednesday for this stock!

BEST Inc is a supply chain company. It provides a New Retail platform that offers technology-enabled integrated solutions such as %SupplyChainManagement , express delivery, freight, merchandise sourcing, cross-border supply chain, last-mile, financial and value-added services. The Group operates in the following operating segments, Supply chain management services, Freight delivery services, Store services, and Others. The Others category principally relates to cross-border logistic coordination services.