(Reuters) -Alibaba-backed Best Inc said on Friday it would sell its express delivery business in China to J&T Express Co. Ltd in a deal valued at about 6.8 billion yuan ($1.06 billion), including debt, sending its shares up 22% before the bell. Shares of New York-listed Best were set to open at $2.58, their highest level since February. They have risen 3.4% this year. Best said the sale does not include its Supply Chain Management, Freight, Ucargo and Global businesses. “In light of the unexpected ongoing challenges from COVID-19 and evolving industry dynamics, we believe this transaction allows us to better capitalize on our strengths by focusing on supply chain-based logistics solutions,” Best Chief Executive Johnny Chou said. The logistics firm estimates it can get about $600 million from the sale that is expected to close in the first quarter of 2022. Reuters had reported in January that Best was considering selling itself as part of a strategic review. ($1 = 6.3964 Chinese yuan renminbi) Reporting by Kannaki Deka in Bengaluru; Editing by Krishna Chandra Eluri