Alibaba-backed Chinese logistics and supply chain technology firm Best Inc has raised $450m in its US initial public offering, making this the largest US IPO of a Chinese company this year.

The firm is now trading on the New York Stock Exchange (NYSE) under the ticker symbol "BSTI."

Best, founded by former Google executive Johnny Chou, is said to be the fastest-growing smart supply chain service provider in China. Its multi-sided platform combines technology, integrated logistics and supply chain, last-mile and value-added services.

The company's logistics and supply chain services encompass B2B and B2C supply chain management, express and less-than-truckload delivery, as well as cross-border supply chain management and a real-time bidding platform to source truckload capacity. Its last-mile services include online merchandise sourcing and store management for convenience stores and B2C services.

NYSE-listed e-commerce giant Alibaba Group is BEST's largest shareholder, with a 23.4% stake.

Supply chain logistics are a key to the new hybrid retail world, and e-commerce giants such as Amazon and Alibaba are dominating discussion on 'agile logistics.'

Walmart has also been extending its investments beyond omnichannel into the logistics expertise, with planning software to schedule truck arrivals and departures, track ships in the Atlantic and Pacific and air traffic. It also works to ensure that when consumers shop online, they pay the lowest cost to get the product from its source to the final destination.