Meituan (stock codes: 3690 in HKD and 83690 in RMB) entered into a share transfer agreement on February 5, 2026 (non-trading hours), to acquire all issued shares of Dingdong Fresh Holding Limited from Dingdong (Cayman) Limited. The initial consideration is set at US$717 million, subject to adjustments, with a requirement that the target group’s net cash remain at or above US$150 million. Dingdong (Cayman) Limited may withdraw up to US$280 million from the target group before completion.

Upon completion, Dingdong Fresh Holding Limited becomes an indirect wholly-owned subsidiary of Meituan, and the target group's financials will be consolidated into Meituan’s statements. The transaction qualifies as a discloseable transaction under Hong Kong Listing Rules, with no shareholders’ approval required. The closing depends on conditions including approval from relevant authorities and completion of tax filings.

According to the unaudited financial data provided, the target group recorded net losses before tax of RMB19.51 million in 2023 and net profits before tax of RMB388.82 million in 2024, while the nine months ended September 30, 2025, showed a net profit before tax of RMB222.85 million. Total assets stood at approximately RMB7,021.81 million and net liabilities at about RMB1,644.79 million as of September 30, 2025.

Meituan indicated that this acquisition aligns with its long-term plan in grocery retail, aiming to enhance capabilities in product sourcing, operations, and consumer-focused services. Dingdong operates a broad front-warehouse network and offers fresh groceries and other daily goods to millions of users in mainland China.