叮咚买菜创始人发内部信，开盘股价跌超10%

Core Viewpoint - Dada Group (叮咚买菜) has reached an agreement with Meituan (美团) to sell its Chinese business for $717 million (approximately 4.974 billion RMB), with adjustments based on certain financial metrics [2][14]. Group 1: Transaction Details - The transaction involves the sale of all issued shares of Dada's wholly-owned subsidiary, Dada Fresh Holding Limited (叮咚BVI), which holds nearly all of Dada's operations in China [2]. - The deal allows Dada to withdraw up to $280 million from its cash reserves, provided that the net cash at closing is no less than $150 million [2]. - The international business of Dada is not included in this transaction [2]. Group 2: Company Background and Performance - Dada was founded in 2017 and has established a strong supply chain capability, with over 85% of fresh produce sourced directly and a significant market share in black pork and organic vegetables [6][15]. - The company achieved profitability in Q4 2022 and has maintained profitability for 12 consecutive quarters, with a revenue of 6.66 billion RMB in Q3 2025, marking a 1.9% year-over-year increase [15]. - Despite achieving profitability, Dada's net profit margin remains low at 1.5%, facing intense competition from major players like Meituan and Hema [15]. Group 3: Strategic Rationale for the Merger - The decision to merge with Meituan was made after careful consideration by the board, aiming to leverage Dada's strengths in product quality, service, and supply chain efficiency on a larger platform [6][13]. - The merger aligns with both companies' missions, with Dada's goal of making quality ingredients widely accessible complementing Meituan's mission of improving food and living standards [7][13]. - The merger is expected to provide Dada employees with greater career opportunities within Meituan's extensive business ecosystem [9][14].