Chinese logistics firm Best, backed by Alibaba, launches $930 million U.S. IPOBest Inc, a Chinese logistics company backed by Alibaba Group, is launching a U.S. IPO that is seeking about $930 million to fund an expansion of its supply chain network, develop new technology and open more convenience stores. The Hangzhou-based company, led by Johnny Chou, a former Greater China president for Alphabet Inc’s Google, plans to list on the New York stock exchange and the IPO is expected to value Best at up to $5.7 billion.

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