Simpson Thacher & Bartlett
| ||
icbc tower, 35th floor 3 garden road, central hong kong
| ||
telephone: +852-2514-7600 facsimile: +852-2869-7694 | ||
Direct Dial Number +852-2514-7620 | E-mail Address ygao@stblaw.com | |
April 1, 2022
CONFIDENTIAL AND VIA EDGAR
Division of Corporation Finance
U.S. Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549
| Attention: | Ms. Joanna Lam Mr. Steve Lo |
| Re: | BEST Inc. Form 20-F for the Fiscal Year Ended December 31, 2020 Filed April 16, 2021 File No. 001-38198 |
Ladies and Gentlemen:
On behalf of our client, BEST Inc., a company organized under the laws of the Cayman Islands (the “Company”), we respond to the comments contained in the letter from the staff (the “Staff”) of the Securities and Exchange Commission (the “Commission”), dated March 18, 2022 (the “March 18 Comment Letter”) relating to the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2020 filed with the Commission on April 16, 2021 (the “Annual Report”).
Set forth below are the Company’s responses to the Staff’s comments in the March 18 Comment Letter. The Staff’s comments are retyped below in bold italic font for your ease of reference.
| daniel fertig | adam C. furber | YI GAO | ADAM S. GOLDBERG | MAKIKO HARUNARI | Ian C. Ho | JONATHAN HWANG | anthony d. king | celia c.l. lam | jin hyuk park | kathryn king sudol | christopher k.s. wong | ||||||||||||
resident partners
simpson thacher & bartlett, hong kong is an affiliate of simpson thacher & bartlett llp with offices in: | |||||||||||||||||||||||
| New York | Beijing | Brussels | Houston | LONDON | Los Angeles | Palo Alto | SÃO PAULO | TOKYO | Washington, D.C. | ||||||||||||||
Simpson Thacher & Bartlett
| ||
| April 1, 2022 | -2- | Division of Corporation Finance U.S. Securities and Exchange Commission |
Item 3. Key Information
D. Risk Factors, page 5
| 1. | We note your revised disclosure in response to prior comment 1 refers to the VIEs as “our VIEs.” Please refrain from using terms such as “we” or “our” when describing activities or functions of a VIE throughout your filing. |
In response to the Staff’s comment, the Company will refrain from using terms such as “we” or “our” when describing activities or functions of a VIE throughout its future annual reports on Form 20-F.
Risk Related to Doing Business in the People's Republic of China, page 27
| 2. | We note your disclosure about the Holding Foreign Companies Accountable Act. Please expand your risk factors to disclose that the United States Senate has passed the Accelerating Holding Foreign Companies Accountable Act, which, if enacted, would decrease the number of “non-inspection years” from three years to two years, and thus, would reduce the time before your securities may be prohibited from trading or delisted. Update your disclosure to reflect that the Commission adopted rules to implement the HFCAA and that, pursuant to the HFCAA, the PCAOB has issued its report notifying the Commission of its determination that it is unable to inspect or investigate completely accounting firms headquartered in mainland China or Hong Kong. |
In response to the Staff’s comment, in the Company’s future annual reports on Form 20-F the Company will (i) expand its risk factors to disclose that the United States Senate has passed the Accelerating Holding Foreign Companies Accountable Act, which, if enacted, would decrease the number of “non-inspection years” from three years to two years, and thus, would reduce the time before the Company’s American Depositary Shares (“ADSs”) may be prohibited from trading or delisted, and (ii) update its disclosure to reflect that the Commission adopted rules to implement the HFCAA and that, pursuant to the HFCAA, the PCAOB has issued its report notifying the Commission of its determination that it is unable to inspect or investigate completely accounting firms headquartered in mainland China or Hong Kong.
Risks Related to Our ADSs, page 38
| 3. | Disclose that trading in your securities may be prohibited under the Holding Foreign Companies Accountable Act if the PCAOB determines that it cannot inspect or investigate completely your auditor, and that as a result an exchange may determine to delist your securities. Disclose whether your auditor is subject to the determinations announced by the PCAOB on December 16, 2021. |
In response to the Staff’s comment, in the Company’s future annual reports on Form 20-F the Company will (i) disclose that trading in the Company’s ADSs may be prohibited under the Holding Foreign Companies Accountable Act if the PCAOB determines that it cannot inspect or investigate completely the Company’s auditor, and that as a result the New York Stock Exchange may determine to delist the Company’s ADSs, and (ii) disclose that the Company’s auditor, Ernst & Young Hua Ming LLP, is subject to the determinations announced by the PCAOB on December 16, 2021.
Simpson Thacher & Bartlett
| ||
| April 1, 2022 | -3- | Division of Corporation Finance U.S. Securities and Exchange Commission |
Item 4. Information on the Company
C. Organizational Structure, page 79
| 4. | We note your response to prior comment 5 related to your contractual arrangements. Please also disclose, if true, that the VIE agreements have not been tested in a court of law. |
In response to the Staff’s comment, in the Company’s future annual reports on Form 20-F the Company will disclose that the enforceability of the VIE agreements has not been tested in a court of law.
Item 5. Operating and Financial Review and Prospects
A. Operating Results, page 83
| 5. | We note your response to prior comment 6. Please provide a revised consolidating schedule that further disaggregates amounts in each major line item, such as revenues and cost of revenues, and subtotals and disaggregated intercompany amounts, such as separate line items for intercompany receivables and investment in subsidiary and VIEs. The schedule should also disaggregate the parent company, the VIEs and its consolidated subsidiaries, the wholly foreign owned enterprises that are the primary beneficiary of the VIEs and an aggregation of other entities that are consolidated. Identify the entities included in each column, describe the business activities of each entity and how these entities relate to the organizational chart provided in response to comment 5. The objective of this disclosure is to allow an investor to evaluate the nature of assets held by, and the operations of, entities apart from the VIE, as well as the nature and amounts associated with intercompany transactions. Any intercompany amounts should be presented on a gross basis and when necessary, additional disclosure about such amounts should be included in order to make the information presented not misleading. Please also cross reference your proposed disclosure in response to prior comment 7 related to how cash is transferred through your organization to the consolidating schedule. |
In response to the Staff’s comment, in the Company’s future annual reports on Form 20-F the Company proposes to supplement its disclosure under Item 5.A. of Form 20-F, as attached hereto as Exhibit A.
Simpson Thacher & Bartlett
| ||
| April 1, 2022 | -4- | Division of Corporation Finance U.S. Securities and Exchange Commission |
Notes to the Consolidated Financial Statements
29. Condensed Financial Information of the Parent Company, page F-77
| 6. | We note that the activities of the VIEs are reflected in the line items titled “investments in subsidiaries and VIEs” and “share of losses of subsidiaries and VIEs” in the parent’s financial statements. Please provide us with a roll-forward of the investment in subsidiaries and VIEs line item. |
In response to the Staff’s comment, the Company hereby provides the following roll-forward of the investment in subsidiaries and VIEs line item:
| RMB | ||||
| Balance as of January 1, 2019 | 4,322,463 | |||
| Share of incomes of VIEs and VIEs’ subsidiaries | 46,704 | |||
| Share of losses of other subsidiaries | (235,666 | ) | ||
| Share-based compensation | 98,504 | |||
| Foreign currency translation adjustments, net of tax of nil | 1,111,498 | |||
| Balance as of December 31, 2019 | 5,343,503 | |||
| Share of losses of VIEs and VIEs’ subsidiaries | (935,842 | ) | ||
| Share of losses of other subsidiaries | (1,016,060 | ) | ||
| Share-based compensation | 138,201 | |||
| Contributions from non-controlling interest shareholders | (4,874 | ) | ||
| Exercise of share options and vesting of restricted shares | 505 | |||
| Cumulative effect of accounting change (ASC326) | (55,746 | ) | ||
| Foreign currency translation adjustments, net of tax of nil | 760,784 | |||
| Balance as of December 31, 2020 | 4,230,471 | |||
* * *
Simpson Thacher & Bartlett
| ||
| April 1, 2022 | -5- | Division of Corporation Finance U.S. Securities and Exchange Commission |
If you have any question regarding the Company’s responses to the Staff’s comments, please do not hesitate to contact me at +852-2514-7620 (work), +852-6588-7136 (mobile) or ygao@stblaw.com (email).
| Very truly yours, | |
| /s/ Yi Gao | |
| Yi Gao |
Enclosures
| cc: | Shao-Ning Johnny Chou, Chief Executive Officer |
George Chow, Chief Strategy and Investment Officer
Gloria Fan, Chief Financial Officer
BEST Inc.
Yingmao Tang
Hangyu Long
King & Wood Mallesons
Wisely Han
Acacia Yu
Ernst & Young Hua Ming LLP
Exhibit A
VIE Financial Information
Set forth below is the selected consolidated statements of operations and cash flows information for the fiscal years ended December 31, 2018, 2019 and 2020, and selected consolidated balance sheet information as of December 31, 2019 and 2020 showing financial information for parent company Best Inc., non-VIE subsidiaries, the VIE and VIE’s subsidiaries, eliminating entries and consolidated information (RMB in thousands). In the tables below, the column headings correspond to the following entities in the organizational diagram on page [ ].
| - | “Parent” refers to BEST Inc., a Cayman company, which is an investment holding company and the primary beneficiary of the VIEs. |
| - | “Other subsidiaries” refer to the sum of non-VIE subsidiaries, which mainly include holding companies in Cayman, BVI and Hong Kong, the overseas subsidiaries providing global business, and the wholly foreign owned enterprises (“WFOE”) of the VIEs and other WFOEs, such as (1) Zhejiang BEST Technology Co., Ltd., an entity providing technology support to the Group and the WFOE of Hangzhou BEST Network Technologies Co., Ltd. (2) BEST Logistics Technologies (China) Co., Ltd., an entity providing freight and supply chain management business and the WFOE of Hangzhou BEST Information Technology Services Co., Ltd. (3) BEST Store Network (Hangzhou) Co., Ltd., an entity providing Store+ business and the WFOE of Hangzhou Baijia Commercial consulting Co., Ltd, and (4) Xinyuan Financial Leasing (Zhejiang) Co., Ltd., an entity providing capital business and the primary beneficiary of the Plans . |
| - | “VIEs and VIEs’ subsidiaries” refer to the sum of (1) Hangzhou BEST Network Technologies Co., Ltd., one of the VIEs providing the express delivery business and its subsidiaries; (2) Hangzhou BEST Information Technology Services Co., Ltd., one of the VIEs providing the Ucargo business, and its subsidiaries; and (3) Hangzhou Baijia Commercial consulting Co., Ltd, one of the VIEs providing Store+ business and its subsidiaries, which was discontinued in 2020. |
| - | “Plans” refers to Xinyuan Leasing Asset Backed Special Plan I and Plan II (collectively the “Plans”) which are vehicles holding securitized lease rental and other financing receivables transferred by Xinyuan Financial Leasing (Zhejiang) Co., Ltd., one of our subsidiaries and the primary beneficiary of the Plans. |
| For the year ended December 31, 2020 | ||||||||||||||||||||||||
| Parent (Primary | Other subsidiaries | VIEs and VIEs’ subsidiaries | Plans | Eliminations | Consolidated Total | |||||||||||||||||||
| Revenue from third parties | ||||||||||||||||||||||||
| Express delivery | - | - | 19,165,049 | - | - | 19,165,049 | ||||||||||||||||||
| Freight delivery | - | 5,156,551 | - | - | - | 5,156,551 | ||||||||||||||||||
| Supply chain management | - | 1,391,686 | - | - | - | 1,391,686 | ||||||||||||||||||
| Global | - | 616,934 | - | - | - | 616,934 | ||||||||||||||||||
| UCargo | - | 536,251 | 1,983,668 | - | - | 2,519,919 | ||||||||||||||||||
| Capital | - | 211,021 | - | - | - | 211,021 | ||||||||||||||||||
| - | 7,912,443 | 21,148,717 | - | - | 29,061,160 | |||||||||||||||||||
| Revenue from related parties | ||||||||||||||||||||||||
| Express delivery | - | - | 252,510 | - | - | 252,510 | ||||||||||||||||||
| Supply chain management | - | 520,637 | - | - | - | 520,637 | ||||||||||||||||||
| Global | - | 160,722 | - | - | - | 160,722 | ||||||||||||||||||
| Inter-company revenues (1) | - | 97,008 | 445,611 | - | (542,619 | ) | - | |||||||||||||||||
| Total revenue | - | 8,690,810 | 21,846,838 | - | (542,619 | ) | 29,995,029 | |||||||||||||||||
| Cost of revenue | ||||||||||||||||||||||||
| Express delivery | - | - | (19,470,937 | ) | - | - | (19,470,937 | ) | ||||||||||||||||
| Freight delivery | - | (5,063,236 | ) | - | - | - | (5,063,236 | ) | ||||||||||||||||
| Supply chain management | - | (1,846,901 | ) | - | - | - | (1,846,901 | ) | ||||||||||||||||
| Global | - | (875,733 | ) | - | - | - | (875,733 | ) | ||||||||||||||||
| UCargo | - | (517,674 | ) | (1,956,183 | ) | - | - | (2,473,857 | ) | |||||||||||||||
| Capital | - | (26,225 | ) | - | - | (26,225 | ) | |||||||||||||||||
| Inter-company cost (1) | - | (66,498 | ) | (476,108 | ) | - | 542,606 | - | ||||||||||||||||
| Total cost of revenue | - | (8,396,267 | ) | (21,903,228 | ) | - | 542,606 | (29,756,889 | ) | |||||||||||||||
| Operating expenses | (8,620 | ) | (1,209,152 | ) | (713,792 | ) | - | 13 | (1,931,551 | ) | ||||||||||||||
| (Loss)/income from non-operations | (64,986 | ) | 197,043 | (99,410 | ) | - | - | 32,647 | ||||||||||||||||
| Loss from VIEs and VIEs’ subsidiaries (2) | (869,592 | ) | - | - | - | 869,592 | - | |||||||||||||||||
| Loss from subsidiaries (2) | (1,016,060 | ) | - | - | - | 1,016,060 | - | |||||||||||||||||
| For the year ended December 31, 2020 | ||||||||||||||||||||||||
| Parent (Primary | Other subsidiaries | VIEs and VIEs’ subsidiaries | Plans | Eliminations | Consolidated Total | |||||||||||||||||||
| Income tax expense | - | (22,124 | ) | - | - | - | (22,124 | ) | ||||||||||||||||
| Share of net loss of equity investees | - | (180 | ) | - | - | - | (180 | ) | ||||||||||||||||
| Net loss from continuing operations | (1,959,258 | ) | (739,870 | ) | (869,592 | ) | - | 1,885,652 | (1,683,068 | ) | ||||||||||||||
| Revenue from third parties | ||||||||||||||||||||||||
| Store+ | - | 1,563,967 | 636,592 | - | - | 2,200,559 | ||||||||||||||||||
| Inter-company revenues (1) | - | 202,367 | 8 | - | (202,375 | ) | - | |||||||||||||||||
| Total revenue from discontinued operations | - | 1,766,334 | 636,600 | - | (202,375 | ) | 2,200,559 | |||||||||||||||||
| Cost of revenue | ||||||||||||||||||||||||
| Store+ | - | (1,451,574 | ) | (466,888 | ) | - | - | (1,918,462 | ) | |||||||||||||||
| Inter-company cost (1) | - | (202,367 | ) | (8 | ) | - | 202,375 | - | ||||||||||||||||
| Total cost of revenue from discontinued operations | - | (1,653,941 | ) | (466,896 | ) | - | 202,375 | (1,918,462 | ) | |||||||||||||||
| Operating expenses | - | (415,194 | ) | (233,424 | ) | - | - | (648,618 | ) | |||||||||||||||
| Income/(loss) from non-operations | - | 895 | (4,015 | ) | - | - | (3,120 | ) | ||||||||||||||||
| Loss from VIEs and VIEs’ subsidiaries (2) | (66,250 | ) | - | - | - | 66,250 | - | |||||||||||||||||
| Income tax benefits | - | - | 1,485 | - | - | 1,485 | ||||||||||||||||||
| Net loss from discontinued operations | (66,250 | ) | (301,906 | ) | (66,250 | ) | - | 66,250 | (368,156 | ) | ||||||||||||||
| Net loss | (2,025,508 | ) | (1,041,776 | ) | (935,842 | ) | - | 1,951,902 | (2,051,224 | ) | ||||||||||||||
| Net loss from continuing operations attributable to non-controlling interests | - | (25,716 | ) | - | - | - | (25,716 | ) | ||||||||||||||||
| Net loss attributable to BEST Inc. | (2,025,508 | ) | (1,016,060 | ) | (935,842 | ) | - | 1,951,902 | (2,025,508 | ) | ||||||||||||||
| For the year ended December 31, 2019 | ||||||||||||||||||||||||
| Parent (Primary | Other subsidiaries | VIEs and VIEs’ subsidiaries | Plans | Eliminations | Consolidated Total | |||||||||||||||||||
| Revenue from third parties | ||||||||||||||||||||||||
| Express delivery | - | - | 21,548,174 | - | - | 21,548,174 | ||||||||||||||||||
| Freight delivery | - | 5,224,355 | - | - | - | 5,224,355 | ||||||||||||||||||
| Supply chain management | - | 1,661,747 | - | - | - | 1,661,747 | ||||||||||||||||||
| Global | - | 319,602 | - | - | - | 319,602 | ||||||||||||||||||
| UCargo | - | 2,263,038 | 311,016 | - | - | 2,574,054 | ||||||||||||||||||
| Capital | - | 205,203 | - | - | - | 205,203 | ||||||||||||||||||
| - | 9,673,945 | 21,859,190 | - | - | 31,533,135 | |||||||||||||||||||
| Revenue from related parties | ||||||||||||||||||||||||
| Express delivery | - | - | 274,268 | - | - | 274,268 | ||||||||||||||||||
| Supply chain management | - | 534,012 | - | - | - | 534,012 | ||||||||||||||||||
| Global | - | 17,272 | - | - | - | 17,272 | ||||||||||||||||||
| Inter-company revenues (1) | - | 652,800 | 199,331 | - | (852,131 | ) | - | |||||||||||||||||
| Total revenue | - | 10,878,029 | 22,332,789 | - | (852,131 | ) | 32,358,687 | |||||||||||||||||
| Cost of revenue | ||||||||||||||||||||||||
| Express delivery | - | - | (20,793,370 | ) | - | - | (20,793,370 | ) | ||||||||||||||||
| Freight delivery | - | (4,934,937 | ) | - | - | - | (4,934,937 | ) | ||||||||||||||||
| Supply chain management | - | (2,052,006 | ) | - | - | - | (2,052,006 | ) | ||||||||||||||||
| Global | - | (371,404 | ) | - | - | - | (371,404 | ) | ||||||||||||||||
| UCargo | - | (2,211,031 | ) | (306,611 | ) | - | - | (2,517,642 | ) | |||||||||||||||
| Capital | - | (52,001 | ) | - | - | - | (52,001 | ) | ||||||||||||||||
| Inter-company cost (1) | - | (316,915 | ) | (537,268 | ) | - | 854,183 | - | ||||||||||||||||
| Total cost of revenue | - | (9,938,294 | ) | (21,637,249 | ) | - | 854,183 | (30,721,360 | ) | |||||||||||||||
| Operating expenses | (2,698 | ) | (1,004,319 | ) | (560,822 | ) | - | (2,052 | ) | (1,569,891 | ) | |||||||||||||
| (Loss)/income from non-operations | (10,756 | ) | 172,602 | (36,198 | ) | - | - | 125,648 | ||||||||||||||||
| Income from VIEs and VIEs’ subsidiaries (2) | 97,916 | - | - | - | (97,916 | ) | - | |||||||||||||||||
| Loss from subsidiaries (2) | (235,666 | ) | - | - | - | 235,666 | - | |||||||||||||||||
| Income tax expense | - | (20,027 | ) | - | - | - | (20,027 | ) | ||||||||||||||||
| For the year ended December 31, 2019 | ||||||||||||||||||||||||
| Parent (Primary | Other subsidiaries | VIEs and VIEs’ subsidiaries | Plans | Eliminations | Consolidated Total | |||||||||||||||||||
| Share of net income/(loss) of equity investees | - | 249 | (604 | ) | - | - | (355 | ) | ||||||||||||||||
| Net (loss)/income from continuing operations | (151,204 | ) | 88,240 | 97,916 | - | 137,750 | 172,702 | |||||||||||||||||
| Revenue from third parties | ||||||||||||||||||||||||
| Store+ | - | 2,109,896 | 707,306 | - | - | 2,817,202 | ||||||||||||||||||
| Inter-company revenues (1) | - | 164,744 | 7,800 | - | (172,544 | ) | - | |||||||||||||||||
| Total revenue from discontinued operations | - | 2,274,640 | 715,106 | - | (172,544 | ) | 2,817,202 | |||||||||||||||||
| - | - | - | - | - | ||||||||||||||||||||
| Cost of revenue | - | - | - | - | - | |||||||||||||||||||
| Store+ | - | (1,993,389 | ) | (502,114 | ) | - | - | (2,495,503 | ) | |||||||||||||||
| Inter-company cost (1) | - | (164,744 | ) | (7,800 | ) | - | 172,544 | - | ||||||||||||||||
| Total cost of revenue from discontinued operations | - | (2,158,133 | ) | (509,914 | ) | - | 172,544 | (2,495,503 | ) | |||||||||||||||
| Operating expenses | - | (460,921 | ) | (254,039 | ) | - | - | (714,960 | ) | |||||||||||||||
| Income/(loss) from non-operations | - | 3,856 | (4,102 | ) | - | - | (246 | ) | ||||||||||||||||
| Loss from VIEs and VIEs’ subsidiaries (2) | (51,212 | ) | - | - | - | 51,212 | - | |||||||||||||||||
| Income tax benefits | - | - | 1,737 | - | - | 1,737 | ||||||||||||||||||
| Net loss from discontinued operations | (51,212 | ) | (340,558 | ) | (51,212 | ) | - | 51,212 | (391,770 | ) | ||||||||||||||
| Net (loss)/income | (202,416 | ) | (252,318 | ) | 46,704 | - | 188,962 | (219,068 | ) | |||||||||||||||
| Net loss from continuing operations attributable to non-controlling interests | - | (16,652 | ) | - | - | - | (16,652 | ) | ||||||||||||||||
| Net (loss)/income attributable to BEST Inc. | (202,416 | ) | (235,666 | ) | 46,704 | - | 188,962 | (202,416 | ) | |||||||||||||||
| For the year ended December 31, 2018 | ||||||||||||||||||||||||
| Parent (Primary | Other subsidiaries | VIEs and VIEs’ subsidiaries | Plans | Eliminations | Consolidated Total | |||||||||||||||||||
| Revenue from third parties | ||||||||||||||||||||||||
| Express delivery | - | - | 17,538,104 | - | - | 17,538,104 | ||||||||||||||||||
| Freight delivery | - | 4,102,610 | - | - | - | 4,102,610 | ||||||||||||||||||
| Supply chain management | - | 1,600,890 | - | - | - | 1,600,890 | ||||||||||||||||||
| Global | - | 162,012 | - | - | - | 162,012 | ||||||||||||||||||
| UCargo | - | 891,710 | - | - | - | 891,710 | ||||||||||||||||||
| Capital | - | 168,299 | - | - | - | 168,299 | ||||||||||||||||||
| - | 6,925,521 | 17,538,104 | - | - | 24,463,625 | |||||||||||||||||||
| Revenue from related parties | ||||||||||||||||||||||||
| Express delivery | - | - | 176,420 | - | - | 176,420 | ||||||||||||||||||
| Supply chain management | - | 475,932 | - | - | - | 475,932 | ||||||||||||||||||
| Global | - | - | - | - | - | - | ||||||||||||||||||
| Inter-company revenues (1) | - | 1,442,667 | 155,532 | - | (1,598,199 | ) | - | |||||||||||||||||
| Total revenue | 8,844,120 | 17,870,056 | - | (1,598,199 | ) | 25,115,977 | ||||||||||||||||||
| Cost of revenue | ||||||||||||||||||||||||
| Express delivery | - | - | (16,921,826 | ) | - | - | (16,921,826 | ) | ||||||||||||||||
| Freight delivery | - | (3,946,032 | ) | - | - | - | (3,946,032 | ) | ||||||||||||||||
| Supply chain management | - | (1,970,109 | ) | - | - | - | (1,970,109 | ) | ||||||||||||||||
| Global | - | (167,053 | ) | - | - | - | (167,053 | ) | ||||||||||||||||
| UCargo | - | (877,172 | ) | - | - | - | (877,172 | ) | ||||||||||||||||
| Capital | - | (47,767 | ) | - | - | - | (47,767 | ) | ||||||||||||||||
| Inter-company cost (1) | - | (1,377,531 | ) | (219,245 | ) | - | 1,596,776 | - | ||||||||||||||||
| Total cost of revenue | - | (8,385,664 | ) | (17,141,071 | ) | - | 1,596,776 | (23,929,959 | ) | |||||||||||||||
| Operating expenses | (6,610 | ) | (903,227 | ) | (533,792 | ) | - | 1,423 | (1,442,206 | ) | ||||||||||||||
| Income/(loss) from non-operations | 18 | 213,010 | (53,130 | ) | - | - | 159,898 | |||||||||||||||||
| Income from VIEs and VIEs’ subsidiaries (2) | 142,063 | - | - | - | (142,063 | ) | - | |||||||||||||||||
| Loss from subsidiaries (2) | (618,285 | ) | - | - | - | 618,285 | - | |||||||||||||||||
| Income tax expense | - | (10,500 | ) | - | - | - | (10,500 | ) | ||||||||||||||||
| For the year ended December 31, 2018 | ||||||||||||||||||||||||
| Parent (Primary | Other subsidiaries | VIEs and VIEs’ subsidiaries | Plans | Eliminations | Consolidated Total | |||||||||||||||||||
| Share of net loss of equity investees | - | (456 | ) | - | - | - | (456 | ) | ||||||||||||||||
| Net (loss)/income from continuing operations | (482,814 | ) | (242,717 | ) | 142,063 | - | 476,222 | (107,246 | ) | |||||||||||||||
| Revenue from third parties | ||||||||||||||||||||||||
| Store+ | - | 2,255,169 | 589,833 | - | - | 2,845,002 | ||||||||||||||||||
| Inter-company revenues (1) | - | 202,367 | 2,545 | - | (204,912 | ) | - | |||||||||||||||||
| Total revenue from discontinued operations | - | 2,457,536 | 592,378 | - | (204,912 | ) | 2,845,002 | |||||||||||||||||
| Cost of revenue | ||||||||||||||||||||||||
| Store+ | - | (2,198,724 | ) | (391,159 | ) | - | - | (2,589,883 | ) | |||||||||||||||
| Inter-company cost (1) | - | (202,367 | ) | (2,544 | ) | - | 204,911 | - | ||||||||||||||||
| Total cost of revenue from discontinued operations | - | (2,401,091 | ) | (393,703 | ) | - | 204,911 | (2,589,883 | ) | |||||||||||||||
| Operating expenses | - | (434,621 | ) | (222,284 | ) | - | - | (656,905 | ) | |||||||||||||||
| Income/(loss) from non-operations | - | 2,206 | (178 | ) | - | - | 2,028 | |||||||||||||||||
| Loss from VIEs and VIEs’ subsidiaries (2) | (25,174 | ) | - | - | - | 25,174 | - | |||||||||||||||||
| Income tax expense | - | - | (1,387 | ) | - | - | (1,387 | ) | ||||||||||||||||
| Net loss from discontinued operations | (25,174 | ) | (375,970 | ) | (25,174 | ) | - | 25,173 | (401,145 | ) | ||||||||||||||
| Net (loss)/Income | (507,988 | ) | (618,687 | ) | 116,889 | - | 501,395 | (508,391 | ) | |||||||||||||||
| Net loss from continuing operations attributable to non-controlling interests | - | (403 | ) | - | - | - | (403 | ) | ||||||||||||||||
| Net (loss)/Income attributable to BEST Inc. | (507,988 | ) | (618,284 | ) | 116,889 | - | 501,395 | (507,988 | ) | |||||||||||||||
| For the year ended December 31, 2020 | ||||||||||||||||||||||||
| Parent （Primary Beneficiary of VIEs) | Other subsidiaries | VIEs and VIEs’ subsidiaries | Plans | Eliminations | Consolidated Total | |||||||||||||||||||
| Net cash (used in)/generated from continuing operating activities | (289,910 | ) | 366,627 | (65,529 | ) | (234,569 | ) | 234,569 | 11,188 | |||||||||||||||
| Net cash (used in)/generated from discontinued operating activities | - | (242,804 | ) | 381 | - | - | (242,423 | ) | ||||||||||||||||
| Net cash (used in)/generated from continuing investing activities | (534,059 | ) | 118,939 | (1,166,284 | ) | - | 709,051 | (872,353 | ) | |||||||||||||||
| Loans to VIEs and VIEs’ subsidiaries (4) | - | (4,953,043 | ) | - | - | 4,953,043 | - | |||||||||||||||||
| Repayment of loans to VIEs and VIEs’ subsidiaries (4) | - | 4,243,992 | - | - | (4,243,992 | ) | - | |||||||||||||||||
| Other investing activities | (534,059 | ) | 827,990 | (1,166,284 | ) | - | - | (872,353 | ) | |||||||||||||||
| Net cash used in discontinued investing activities | - | (13,941 | ) | (735 | ) | - | 14,096 | (580 | ) | |||||||||||||||
| Loans to VIEs and VIEs’ subsidiaries (4) | - | (196,336 | ) | - | - | 196,336 | - | |||||||||||||||||
| Repayment of loans to VIEs and VIEs’ subsidiaries (4) | - | 182,240 | - | - | (182,240 | ) | - | |||||||||||||||||
| Other investing activities | - | 155 | (735 | ) | - | - | (580 | ) | ||||||||||||||||
| Net cash generated from continuing financing activities | 847,346 | 655,243 | 917,146 | 284,569 | (943,620 | ) | 1,760,684 | |||||||||||||||||
| Borrowings of VIEs and VIEs’ subsidiaries from Group companies (4) | - | - | 4,953,043 | - | (4,953,043 | ) | - | |||||||||||||||||
| Repayment of borrowings of VIEs and VIEs’ subsidiaries from Group companies (4) | - | - | (4,243,992 | ) | - | 4,243,992 | - | |||||||||||||||||
| Other financing activities | 847,346 | 655,243 | 208,095 | 284,569 | (234,569 | ) | 1,760,684 | |||||||||||||||||
| Net cash (used in)/generated from discontinued financing activities | - | (203,404 | ) | 5,000 | - | (14,096 | ) | (212,500 | ) | |||||||||||||||
| Borrowings of VIEs and VIEs’ subsidiaries from Group companies (4) | - | - | 196,336 | - | (196,336 | ) | - | |||||||||||||||||
| Repayment of borrowings of VIEs and VIEs’ subsidiaries from Group companies (4) | - | - | (182,240 | ) | - | 182,240 | - | |||||||||||||||||
| Other financing activities | - | (203,404 | ) | (9,096 | ) | - | - | (212,500 | ) | |||||||||||||||
| For the years ended December 31, 2019 | ||||||||||||||||||||||||
| Parent （Primary Beneficiary of VIEs) | Other subsidiaries | VIEs and VIEs’ subsidiaries | Plans | Eliminations | Consolidated Total | |||||||||||||||||||
| Net cash generated from/(used in) continuing operating activities | 4,218 | 120,707 | 1,006,301 | (297,345 | ) | 297,345 | 1,131,226 | |||||||||||||||||
| Net cash used in discontinued operating activities | - | (274,623 | ) | (3,770 | ) | - | - | (278,393 | ) | |||||||||||||||
| Net cash used in continuing investing activities | (1,224,149 | ) | (276,420 | ) | (1,289,195 | ) | - | 871,290 | (1,918,474 | ) | ||||||||||||||
| Loans to VIEs and VIEs’ subsidiaries (4) | - | (3,399,999 | ) | - | - | 3,399,999 | - | |||||||||||||||||
| Repayment of loans to VIEs and VIEs’ subsidiaries (4) | - | 2,528,709 | - | - | (2,528,709 | ) | - | |||||||||||||||||
| Other investing activities | (1,224,149 | ) | 594,870 | (1,289,195 | ) | - | - | (1,918,474 | ) | |||||||||||||||
| Net cash (used in)/ generated from discontinued investing activities | - | (179,290 | ) | (4,758 | ) | - | 190,040 | 5,992 | ||||||||||||||||
| Loans to VIEs and VIEs’ subsidiaries (4) | - | (860,693 | ) | - | - | 860,693 | - | |||||||||||||||||
| Repayment of loans to VIEs and VIEs’ subsidiaries (4) | - | 670,653 | - | - | (670,653 | ) | - | |||||||||||||||||
| Other investing activities | - | 10,750 | (4,758 | ) | - | - | 5,992 | |||||||||||||||||
| Net cash generated from continuing financing activities | 1,224,514 | 953,711 | 1,030,277 | 337,345 | (1,168,635 | ) | 2,377,212 | |||||||||||||||||
| Borrowings of VIEs and VIEs’ subsidiaries from Group companies (4) | - | - | 3,399,999 | - | (3,399,999 | ) | - | |||||||||||||||||
| Repayment of borrowings of VIEs and VIEs’ subsidiaries from Group companies (4) | - | - | (2,528,709 | ) | - | 2,528,709 | - | |||||||||||||||||
| Other financing activities | 1,224,514 | 953,711 | 158,987 | 337,345 | (297,345 | ) | 2,377,212 | |||||||||||||||||
| Net cash used in discontinued financing activities | - | (175,360 | ) | - | - | (190,040 | ) | (365,400 | ) | |||||||||||||||
| Borrowings of VIEs and VIEs’ subsidiaries from Group companies (4) | - | - | 860,693 | - | (860,693 | ) | - | |||||||||||||||||
| Repayment of borrowings of VIEs and VIE subsidiaries from Group companies (4) | - | - | (670,653 | ) | - | 670,653 | - | |||||||||||||||||
| Other financing activities | - | (175,360 | ) | (190,040 | ) | - | - | (365,400 | ) | |||||||||||||||
| For the year ended December 31, 2018 | ||||||||||||||||||||||||
| Parent （Primary Beneficiary of VIEs) | Other subsidiaries | VIEs and VIEs’ subsidiaries | Plans | Eliminations | Consolidated Total | |||||||||||||||||||
| Net cash generated from continuing operating activities | 3,132 | 175,582 | 801,640 | - | - | 980,354 | ||||||||||||||||||
| Net cash (used in)/generated from discontinued operating activities | - | (369,893 | ) | 26,743 | (343,150 | ) | ||||||||||||||||||
| Net cash used in continuing investing activities | (41,166 | ) | (353,852 | ) | (804,205 | ) | - | - | (1,199,223 | ) | ||||||||||||||
| Loans to VIEs and VIEs’ subsidiaries (4) | - | (2,887,804 | ) | 2,887,804 | - | |||||||||||||||||||
| Repayment of loans to VIEs and VIEs’ subsidiaries (4) | - | 2,887,804 | (2,887,804 | ) | - | |||||||||||||||||||
| Other investing activities | (41,166 | ) | (353,852 | ) | (804,205 | ) | - | - | (1,199,223 | ) | ||||||||||||||
| Net cash generated from/(used in) discontinued investing activities | - | 95,610 | (16,285 | ) | - | (111,055 | ) | (31,730 | ) | |||||||||||||||
| Loans to VIEs and VIEs’ subsidiaries (4) | - | (556,668 | ) | - | - | 556,668 | - | |||||||||||||||||
| Repayment of loans to VIEs and VIEs’ subsidiaries (4) | - | 667,723 | - | - | (667,723 | ) | - | |||||||||||||||||
| Other investing activities | - | (15,445 | ) | (16,285 | ) | - | - | (31,730 | ) | |||||||||||||||
| Net cash generated from continuing financing activities | 4,249 | 19,624 | 165,376 | - | - | 189,249 | ||||||||||||||||||
| Borrowings of VIEs and VIEs’ subsidiaries from Group companies (4) | - | - | 2,887,804 | - | (2,887,804 | ) | - | |||||||||||||||||
| Repayment of borrowings of VIEs and VIEs’ subsidiaries from Group companies (4) | - | - | (2,887,804 | ) | - | 2,887,804 | - | |||||||||||||||||
| Other financing activities | 4,249 | 19,624 | 165,376 | - | - | 189,249 | ||||||||||||||||||
| Net cash generated from discontinued financing activities | - | 256,845 | - | - | 111,055 | 367,900 | ||||||||||||||||||
| Borrowings of VIEs and VIEs’ subsidiaries from Group companies (4) | - | - | 556,668 | - | (556,668 | ) | - | |||||||||||||||||
| Repayment of borrowings of VIEs and VIE subsidiaries from Group companies (4) | - | - | (667,723 | ) | - | 667,723 | - | |||||||||||||||||
| Other financing activities | - | 256,845 | 111,055 | - | - | 367,900 | ||||||||||||||||||
| As at December 31, 2020 | ||||||||||||||||||||||||
| Parent （Primary Beneficiary of VIEs) | Other subsidiaries | VIEs and VIEs’ subsidiaries | Plans | Eliminations | Consolidated Total | |||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||
| Current assets: | ||||||||||||||||||||||||
| Cash and cash equivalents | 33,310 | 1,084,507 | 265,500 | - | - | 1,383,317 | ||||||||||||||||||
| Restricted cash | - | 1,998,323 | 104,103 | - | - | 2,102,426 | ||||||||||||||||||
| Accounts and notes receivables, net | - | 769,750 | 213,851 | - | - | 983,601 | ||||||||||||||||||
| Inventories | - | 28,265 | 15,868 | - | - | 44,133 | ||||||||||||||||||
| Prepayments and other current assets | 6,295 | 1,374,019 | 1,924,356 | - | - | 3,304,670 | ||||||||||||||||||
| Short-term investments | - | 228,371 | 40,276 | - | - | 268,647 | ||||||||||||||||||
| Lease rental receivables | - | 497,127 | - | - | - | 497,127 | ||||||||||||||||||
| Amounts due from related parties | - | 182,409 | 91,986 | - | - | 274,395 | ||||||||||||||||||
| Amount due from Group companies (3) | - | 3,750,630 | 97,107 | 301,914 | (4,149,651 | ) | - | |||||||||||||||||
| Assets held for sale | - | (24 | ) | 509,419 | - | - | 509,395 | |||||||||||||||||
| Total current assets | 39,605 | 9,913,377 | 3,262,466 | 301,914 | (4,149,651 | ) | 9,367,711 | |||||||||||||||||
| Non-current assets: | ||||||||||||||||||||||||
| Restricted cash | - | 243,313 | 376,535 | 90,000 | - | 709,848 | ||||||||||||||||||
| Property and equipment, net | - | 745,096 | 3,334,139 | - | - | 4,079,235 | ||||||||||||||||||
| Intangible assets, net | - | 8,884 | 3,314 | - | - | 12,198 | ||||||||||||||||||
| Goodwill | - | 66,662 | 229,096 | - | - | 295,758 | ||||||||||||||||||
| Long-term investments | - | 221,426 | - | - | - | 221,426 | ||||||||||||||||||
| Non-current deposits | - | 94,496 | 35,149 | - | - | 129,645 | ||||||||||||||||||
| Operating lease right-of-use assets | - | 1,860,074 | 2,003,301 | - | - | 3,863,375 | ||||||||||||||||||
| Lease rental receivables | - | 647,678 | - | - | - | 647,678 | ||||||||||||||||||
| Amount due from Group companies (3) | - | 541,874 | - | 230,000 | (771,874 | ) | - | |||||||||||||||||
| Investment in subsidiaries and VIEs (2) | 4,230,471 | - | - | - | (4,230,471 | ) | - | |||||||||||||||||
| Other non-current assets | 1,686 | 542,094 | 169 | - | - | 543,949 | ||||||||||||||||||
| Total non-current assets | 4,232,157 | 4,971,597 | 5,981,703 | 320,000 | (5,002,345 | ) | 10,503,112 | |||||||||||||||||
| Total assets | 4,271,762 | 14,884,974 | 9,244,169 | 621,914 | (9,151,996 | ) | 19,870,823 | |||||||||||||||||
| LIABILITIES | ||||||||||||||||||||||||
| Current liabilities: | ||||||||||||||||||||||||
| Short-term bank loans | - | 2,128,287 | 954,250 | - | - | 3,082,537 | ||||||||||||||||||
| Securitization debt | - | (1,680 | ) | - | 96,829 | - | 95,149 | |||||||||||||||||
| Accounts and notes payable | - | 1,448,806 | 2,696,142 | - | - | 4,144,948 | ||||||||||||||||||
| Accrued expenses and other liabilities | 39,302 | 1,213,099 | 1,255,516 | - | - | 2,507,917 | ||||||||||||||||||
| Customer advances and deposits and deferred revenue | - | 271,085 | 1,254,966 | - | - | 1,526,051 | ||||||||||||||||||
| Operating lease liabilities | - | 523,632 | 508,829 | - | - | 1,032,461 | ||||||||||||||||||
| Financing lease liabilities | - | 1,581 | - | - | - | 1,581 | ||||||||||||||||||
| Amounts due to related parties | - | 29,247 | 6,376 | - | - | 35,623 | ||||||||||||||||||
| Amount due to Group companies (3) | - | 177,147 | 3,767,419 | 205,085 | (4,149,651 | ) | - | |||||||||||||||||
| Income tax payable | - | 14,546 | 4 | - | - | 14,550 | ||||||||||||||||||
| Liabilities held for sale | - | - | 193,432 | - | - | 193,432 | ||||||||||||||||||
| Total current liabilities | 39,302 | 5,805,750 | 10,636,934 | 301,914 | (4,149,651 | ) | 12,634,249 | |||||||||||||||||
| Non-current liabilities: | ||||||||||||||||||||||||
| Convertible senior notes held by related parties | 1,617,846 | - | - | - | - | 1,617,846 | ||||||||||||||||||
| Convertible senior notes held by third parties | 642,121 | - | - | - | - | 642,121 | ||||||||||||||||||
| Operating lease liabilities | - | 1,384,475 | 1,610,698 | - | - | 2,995,173 | ||||||||||||||||||
| Financing lease liabilities | - | 2,698 | - | - | - | 2,698 | ||||||||||||||||||
| Amount due to Group companies (3) | 221,874 | 230,000 | - | 320,000 | (771,874 | ) | - | |||||||||||||||||
| Long-term bank loan | - | 77,587 | 961 | - | - | 78,548 | ||||||||||||||||||
| Deferred tax liabilities | - | (102 | ) | 102 | - | - | - | |||||||||||||||||
| Other non-current liabilities | - | 1,143 | 174,441 | - | - | 175,584 | ||||||||||||||||||
| Total non-current liabilities | 2,481,841 | 1,695,801 | 1,786,202 | 320,000 | (771,874 | ) | 5,511,970 | |||||||||||||||||
| Total liabilities | 2,521,143 | 7,501,551 | 12,423,136 | 621,914 | (4,921,525 | ) | 18,146,219 | |||||||||||||||||
| BEST Inc. shareholders’ equity | 1,750,619 | 7,409,438 | (3,178,967 | ) | - | (4,230,471 | ) | 1,750,619 | ||||||||||||||||
| Non-controlling interests | - | (26,015 | ) | - | - | - | (26,015 | ) | ||||||||||||||||
| Total shareholders’ equity (2) | 1,750,619 | 7,383,423 | (3,178,967 | ) | - | (4,230,471 | ) | 1,724,604 | ||||||||||||||||
| Total liabilities and shareholders’ equity | 4,271,762 | 14,884,974 | 9,244,169 | 621,914 | (9,151,996 | ) | 19,870,823 | |||||||||||||||||
| As at December 31, 2019 | ||||||||||||||||||||||||
| Parent （Primary Beneficiary of VIEs) | Other subsidiaries | VIEs and VIEs’ subsidiaries | Plans | Eliminations | Consolidated Total | |||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||
| Current assets: | ||||||||||||||||||||||||
| Cash and cash equivalents | 9,933 | 1,365,291 | 610,189 | - | - | 1,985,413 | ||||||||||||||||||
| Restricted cash | - | 1,374,698 | 412,134 | - | - | 1,786,832 | ||||||||||||||||||
| Accounts and notes receivables, net | - | 1,004,290 | 224,705 | - | - | 1,228,995 | ||||||||||||||||||
| Inventories | - | 82,479 | 24,004 | - | - | 106,483 | ||||||||||||||||||
| Prepayments and other current assets | 5,511 | 1,307,442 | 1,415,859 | - | 2,728,812 | |||||||||||||||||||
| Short-term investments | - | 906,906 | 150,692 | - | - | 1,057,598 | ||||||||||||||||||
| Lease rental receivables | - | 483,363 | - | - | - | 483,363 | ||||||||||||||||||
| Amounts due from related parties | - | 145,829 | 100,929 | - | - | 246,758 | ||||||||||||||||||
| Amount due from Group companies (3) | - | 2,606,134 | 94,882 | 157,345 | (2,858,361 | ) | - | |||||||||||||||||
| Assets held for sale | - | - | 64,195 | - | - | 64,195 | ||||||||||||||||||
| Total current assets | 15,444 | 9,276,432 | 3,097,589 | 157,345 | (2,858,361 | ) | 9,688,449 | |||||||||||||||||
| Non-current assets: | ||||||||||||||||||||||||
| Restricted cash | - | 97,604 | 38,096 | 40,000 | - | 175,700 | ||||||||||||||||||
| Property and equipment, net | - | 666,189 | 2,258,215 | - | - | 2,924,404 | ||||||||||||||||||
| Intangible assets, net | - | 17,570 | 2,838 | - | - | 20,408 | ||||||||||||||||||
| Goodwill | - | 60,222 | 229,096 | - | - | 289,318 | ||||||||||||||||||
| Long-term investments | - | 230,855 | - | - | - | 230,855 | ||||||||||||||||||
| Non-current deposits | - | 81,438 | 37,191 | - | - | 118,629 | ||||||||||||||||||
| Operating lease right-of-use assets | - | 2,157,468 | 2,051,547 | - | - | 4,209,015 | ||||||||||||||||||
| Lease rental receivables | - | 993,260 | - | - | - | 993,260 | ||||||||||||||||||
| Assets held for sale | - | - | 496,173 | - | - | 496,173 | ||||||||||||||||||
| Amount due from Group companies (3) | - | 254,931 | - | 140,000 | (394,931 | ) | - | |||||||||||||||||
| Investment in subsidiaries and VIEs (2) | 5,343,503 | - | - | - | (5,343,503 | ) | - | |||||||||||||||||
| Other non-current assets | 5,909 | 340,467 | 269 | - | - | 346,645 | ||||||||||||||||||
| Total non-current assets | 5,349,412 | 4,900,004 | 5,113,425 | 180,000 | (5,738,434 | ) | 9,804,407 | |||||||||||||||||
| Total assets | 5,364,856 | 14,176,436 | 8,211,014 | 337,345 | (8,596,795 | ) | 19,492,856 | |||||||||||||||||
| LIABILITIES | ||||||||||||||||||||||||
| Current liabilities: | ||||||||||||||||||||||||
| Short-term bank loans | - | 1,691,500 | 819,000 | - | - | 2,510,500 | ||||||||||||||||||
| Securitization debt | - | (2,921 | ) | - | 107,820 | - | 104,899 | |||||||||||||||||
| As at December 31, 2019 | ||||||||||||||||||||||||
| Parent （Primary Beneficiary of VIEs) | Other subsidiaries | VIEs and VIEs’ subsidiaries | Plans | Eliminations | Consolidated Total | |||||||||||||||||||
| Accounts and notes payable | - | 1,319,739 | 2,071,644 | - | - | 3,391,383 | ||||||||||||||||||
| Accrued expenses and other liabilities | 8,805 | 813,246 | 1,183,998 | - | - | 2,006,049 | ||||||||||||||||||
| Customer advances and deposits and deferred revenue | - | 211,566 | 1,277,064 | - | - | 1,488,630 | ||||||||||||||||||
| Operating lease liabilities | - | 541,408 | 434,067 | - | - | 975,475 | ||||||||||||||||||
| Financing lease liabilities | - | 1,363 | - | - | - | 1,363 | ||||||||||||||||||
| Amounts due to related parties | - | 9,769 | - | - | - | 9,769 | ||||||||||||||||||
| Amount due to Group companies (3) | - | 177,296 | 2,631,540 | 49,525 | (2,858,361 | ) | - | |||||||||||||||||
| Income tax payable | - | 7,358 | - | - | - | 7,358 | ||||||||||||||||||
| Liabilities held for sale | - | - | 74,242 | - | - | 74,242 | ||||||||||||||||||
| Total current liabilities | 8,805 | 4,770,324 | 8,491,555 | 157,345 | (2,858,361 | ) | 10,569,668 | |||||||||||||||||
| Non-current liabilities: | ||||||||||||||||||||||||
| Convertible senior notes held by related parties | 680,104 | - | - | - | - | �� | 680,104 | |||||||||||||||||
| Convertible senior notes held by third parties | 680,104 | - | - | - | - | 680,104 | ||||||||||||||||||
| Operating lease liabilities | - | 1,672,881 | 1,716,027 | - | - | 3,388,908 | ||||||||||||||||||
| Financing lease liabilities | - | 2,072 | - | - | - | 2,072 | ||||||||||||||||||
| Amount due to Group companies (3) | 74,931 | 140,000 | - | 180,000 | (394,931 | ) | - | |||||||||||||||||
| Deferred tax liabilities | - | 726 | 102 | - | - | 828 | ||||||||||||||||||
| Liabilities held for sale | - | - | 118,704 | - | - | 118,704 | ||||||||||||||||||
| Other non-current liabilities | - | 4,147 | 133,037 | - | - | 137,184 | ||||||||||||||||||
| Total non-current liabilities | 1,435,139 | 1,819,826 | 1,967,870 | 180,000 | (394,931 | ) | 5,007,904 | |||||||||||||||||
| Total liabilities | 1,443,944 | 6,590,150 | 10,459,425 | 337,345 | (3,253,292 | ) | 15,577,572 | |||||||||||||||||
| BEST Inc. shareholders’ equity | 3,920,912 | 7,591,914 | (2,248,411 | ) | - | (5,343,503 | ) | 3,920,912 | ||||||||||||||||
| Non-controlling interests | - | (5,628 | ) | - | - | - | (5,628 | ) | ||||||||||||||||
| Total shareholders’ equity (2) | 3,920,912 | 7,586,286 | (2,248,411 | ) | - | (5,343,503 | ) | 3,915,284 | ||||||||||||||||
| Total liabilities and shareholders’ equity | 5,364,856 | 14,176,436 | 8,211,014 | 337,345 | (8,596,795 | ) | 19,492,856 | |||||||||||||||||
(1) It represents the elimination of the intercompany service charge at the consolidation level.
(2) It represents the elimination of the investment among the Parent, other subsidiaries, VIEs and VIEs’ subsidiaries and the Plans.
(3) It represents the elimination of intercompany balances among the Parent, other subsidiaries, VIEs and VIEs’ subsidiaries and the Plans.
(4) It represents the elimination of the cash support from the other subsidiaries to VIEs and VIEs’ subsidiaries and the repayment from VIEs and VIEs’ subsidiaries through our inter-company cash pool. For the years ended December 31, 2018, 2019 and 2020, subsidiaries of our company provided cash support to the VIEs in the amounts of RMB3.4 billion, RMB4.3 billion and RMB5.1 billion, respectively, through our inter-company cash pool. During the same periods, the VIEs made repayments to said subsidiaries in the amounts of RMB3.6 billion, RMB3.2 billion and RMB4.4 billion, respectively, through the inter-company cash pool.