Dingdong to sell China operations for $717m

Dingdong (Cayman) has signed a definitive agreement to divest its China operations to a Meituan subsidiary for $717m. The grocery e-commerce group will sell all issued and outstanding shares of Dingdong Fresh Holding, its British Virgin Islands (BVI)-incorporated vehicle, to Meituan subsidiary Two Hearts Investments. Its international activities are excluded and will remain with the company following a pre-closing reorganisation. Dingdong’s board has approved the transaction. Completion is contingent ...