$717 million! Meituan acquires Dingdong Maicai, intensifying competition in instant retail

On February 5, Meituan released a notice on the Hong Kong Stock Exchange, announcing the acquisition of 100% of the shares of Dingdong Maicai's China business for an initial consideration of approximately USD 717 million (approximately CNY 4.98 billion). The notice shows that Dingdong Maicai's overseas business is not included in this transaction and will be divested before the settlement. During the transaction transition period, Dingdong Maicai will continue to operate in accordance with its pre-transaction model. According to a report by Future Consumer, a source close to the deal said that previously, JD.com was in talks to acquire Dingdong Maicai, but Meituan suddenly joined the negotiations. JD.com told Dingdong Maicai, "Meituan is here to stir up trouble," and Dingdong's founder was initially hesitant about Meituan's true intentions. The change in the buyer from JD.com to Meituan has intensified market competition in the instant retail sector. Meituan's Xiaoxiang supermarket plans to open 700 pre-storage sites by 2026; JD.com's Qixian pre-storage has already covered Beijing, Tianjin, Shijiazhuang, Guangzhou, and other cities, and this year plans to focus on key southern cities; Hema plans to restart its pre-storage business in 2025, and by December 2025, it will have already launched operations in about 200 stores. In 2017, Dingdong Maicai entered the fresh food e-commerce market in Shanghai. Although it was the latest entrant, it managed to gain a foothold in the fierce competition by offering differentiated services such as "29-minute express delivery." During the pandemic, Dingdong Maicai took on the responsibility of ensuring supply, earning high recognition from the market and consumers. In 2021, Dingdong Maicai was listed on the NYSE, and in the fourth quarter of 2022, it achieved profitability. After more than eight years of deep cultivation, Dingdong Maicai has built a strong core capability in its supply chain, with over 85% of its fresh produce now directly sourced from the source. In the third quarter of 2025, Dingdong Maicai achieved revenue of 6.66 billion yuan, a year-on-year increase of 2%, with a net profit of 59.3 million yuan (USD 8.3 million). In the same period of 2024, the revenue was 1.105 billion yuan, with a net profit of 82.9 million yuan (USD 11.6 million). Image source: 2026 International Fruit and Vegetable Report. All rights reserved. For reprinting, please contact the International Fruit and Vegetable Report for permission and credit.