Dingdong Sells China Business to Meituan for $717mln

Dingdong, a leading fresh grocery e-commerce company in China, has entered into a definitive agreement to sell its China business to Meituan for $717m in cash. The transaction is subject to customary closing conditions and regulatory approvals. Dingdong's international business will be retained by the company following the transaction. The deal is expected to close in the coming months.