Alibaba to invest $23 million in online bus ticketing platform backed by, Meituan
09/24/2021|1:08:07 PM|ChinaTravelNews

Best Science and Technology Co., Ltd, a Chengdu-based online bus ticket booking platform that has both Group and Meituan as major shareholders, will receive RMB 150 million (USD 23.24 million) equity funding from a new strategic investor, Alibaba. 

The latest private placement plan of the New Third Board-listed company was announced on September 15.   

Best secured RMB 50 million (USD 7.74 million) in 2018 from a company held by Meituan’s CEO Wang Xing. 

Prior to that, the company attracted funding from Group in 2015 via the online travel giant’s investment arm, Shanghai Kehui Investment Consulting. 

According to Best’s disclosure file issued on August 18 this year, Group controls a 22.65% stake in Best, while Meituan owns a 18.87% stake through their respective subsidiaries. 

Focusing on the ground transportation markets in southwestern China including Sichuan, Chongqing, Guizhou and Yunnan, Best owns ticketing app Tuanzi Chuxing and is also seeking to further innovate bus services and digitalize transportation. 

Best recorded an operating revenue of RMB 62 million (USD 9.6 million) in the first six months this year, up by 69% from last year. Net profit was RMB 12.55 million for the first half of 2021.