Best Logistics (IFC-37837)

Countries
  • China
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Mar 31, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
BEST LOGISTICS TECHNOLOGIES LIMITED
The holder of the loan, grant, or other investment.
Sectors
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 13, 2017

Disclosed by Bank Jan 5, 2016


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Project Description
Best Logistics ("the company") is a leading provider of domestic express, less-than-truck-load (LTL) road freight, and supply chain management services focused on e-commerce, covering all geographical regions in China. Products handled and stored by the company at its warehouses are predominantly consumer products like sports gear and apparel. The company currently owns and operates about 50 large and medium distribution centers and warehouses throughout the country, with an average total floor space of about 8,000-10,000 square meters but this varies across facilities. About 200 external trucking transport companies are engaged by the company as contractors to transport packages and goods over short, medium, and long distances, up to 1,500km one way for long haul routes. Together these contractors operate about 2,800 container trucks to serve the company's needs, which are considered core third party transport vehicles of the project. A portion of these trucks are owned by those contractor companies, who assign their employee-drivers to transport goods for the company mostly on fixed one-way or two-way routes; while other freelance truck drivers who own their trucks are called upon by a contractor to take up a particular transport job when the need from Best Logistics arises.The proposed IFC financing ("the project") will consist of an equity investment of up to US$30 million to support the Company's operational expansion.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
Contact Person: Angel Wan Best Logistics Technology (China). Co., Ltd. Address: 5/F, Block A, Huaxing Modern Industrial Park 18 Tang Miao Road, Hangzhou, Zhejiang P.R. China Phone: +86 571 88995656 Facsimile: +86 571 88270027 http://www.800best.com ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/