(Yicai Global) Jan.18 -- The New York Stock Exchange has notified Best, a Chinese supply chain solutions and logistics services provider, that it will be delisted after its share price fell below USD1 for more than 30 trading days in a row.

The notification does not affect Best’s business operations, the firm said in the statement today. It has six months, following receipt of the notice, to get its stock back over USD1 during the so-called Cure Period.

Founded in 2007, Hangzhou-based Best went public in New York in 2017. Its stock [NYSE: BEST] was almost 0.3 percent down at 90 US cents in pre-market trading today, more than 90 percent below its USD10 issue price.

Best has run up losses in recent years due to increasingly fierce competition in the Chinese express delivery market. Its loss widened 1.7 percent to CNY640 million (USD100.9 million) in the third quarter of last year on a 1.5 percent decline in revenue to CNY6.8 billion (USD1.1 billion).

The company announced plans last October to sell its courier business to Indonesian logistics giant J&T Express for CNY6.8 billion. The deal was expected to close in the current quarter.

Editor: Peter Thomas