Meituan announced via the Hong Kong Stock Exchange that it will acquire 100% equity of Dingdong (Cayman) Limited's China business for an initial consideration of approximately $717 million. The company's overseas operations are excluded from the transaction and will be spun off prior to completion. During the transition period, Dingdong will continue operating under its existing business model.

Founded in 2017, Dingdong is a leading fresh produce instant retail platform in China known for its "29-minute delivery" service. The company went public on the New York Stock Exchange in 2021. In the third quarter of 2025, Dingdong achieved record quarterly revenue of 6.66 billion yuan with a net profit of 80 million yuan, marking seven consecutive quarters of GAAP profitability.

As of pre-market trading on February 5, Dingdong's market capitalization stood at $694 million. Meituan stated that the acquisition aligns with its mission of "helping people eat better and live better" through Dingdong's focus on quality users, products, services and brand perception. The combination is expected to leverage both companies' strengths in merchandise selection, technology and operations to enhance consumer experiences.

Public data shows Dingdong served over 7 million monthly active users as of September 2025. The platform maintains high user loyalty and repurchase rates through its industry-leading supply chain capabilities and nationwide direct sourcing model for fresh produce.

To meet growing Chinese consumer demand for instant retail services, Meituan has been developing new retail formats including Xiaoxiang Supermarket, which is projected to generate over 20 billion yuan in agricultural product sales during 2025.