Best layoffs, on the record
Every job cut, severance charge and restructuring Best reported in its annual reports, 2021 to 2023, quoted from the filings. Headcount went from 4,381 to 4,381, 3,628 and 3,572.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 20-F for 2021 | 4,381 | — |
| 20-F for 2022 | 3,628 | — |
| 20-F for 2023 | 4,381, 3,628 and 3,572 | December 31, 2021, 2022 and 2023 |
Job cuts, severance and restructuring
Our summaryRestructured the UCargo transportation services business to comply with PRC foreign ownership rules for value-added telecommunication services.
Word for word“To comply with changes to PRC laws and regulations that became effective in 2020 which prohibit foreign ownership of more than 50% of the equity interests in companies that engage in value-added telecommunication services, the Group effected a restructuring of its UCargo transportation services business.” 20-F for 2021
Our summaryRestructured the convenience store business to comply with PRC foreign ownership rules for tobacco business.
Word for word“To comply with changes to PRC laws and regulations which prohibit foreign ownership of the equity interests in companies that engage in tobacco business, the Group effected a restructuring of its convenience store business.” 20-F for 2021
Our summaryApproved accelerated vesting of unvested RSUs held by certain BEST Express employees in connection with the disposal of BEST Network.
Word for word“On November 16, 2021, the Board of Directors of the Company approved the 1,235,896 RSUs granted but not vested upon certain BEST Express employees shall be accelerated and to be vested all at once upon the closing of the disposal of BEST Network.” 20-F for 2021
Our summaryThe group restructured its UCargo transportation services business through contractual arrangements to comply with new PRC foreign ownership rules.
Word for word“In October 2019, BEST China, the nominee shareholders of BEST Information Technology and the Company signed a series of contractual arrangements, through which, the Company obtained the power to direct the activities of BEST Information Technology that most significantly impact its economic performance and, is entitled to substantially all of the economic benefits from BEST Information Technology through BEST China.” 20-F for 2022
Our summaryThe group restructured its convenience store business through contractual arrangements to comply with new PRC foreign ownership rules on tobacco businesses.
Word for word“In April 2020, BEST Store, the nominee shareholders of Hangzhou Baijia and the Company signed a series of contractual arrangements, through which, the Company obtained the power to direct the activities of Hangzhou Baijia that most significantly impact its economic performance and, is entitled to substantially all of the economic benefits from Hangzhou Baijia through BEST Store.” 20-F for 2022
Our summaryThe group disposed of BEST Network, and its results before the disposal date are reported as discontinued operations.
Word for word“The operation results and cashflows of BEST Network and its subsidiaries prior to the disposal date on December 9, 2021 are reflected as discontinued operations (Note 4) in the consolidated statements of comprehensive (loss) income and cash flows for all periods presented.” 20-F for 2022
Best has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Best’s annual reports (20-F for 2023, 20-F for 2022, 20-F for 2021) and the financial data it files with the SEC, as of 2024-04-30. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.