Meituan Acquires Dingdong's China Business for $717 Million

Meituan, a Chinese food-delivery giant, plans to acquire Dingdong's China business for $717 million to strengthen its position in the grocery retail market. The deal comes as Meituan faces pressure from e-commerce platforms JD.com and Alibaba Group in a brutal price war. Meituan swung to a net loss in Q3 last year due to aggressive discounts and subdued consumer sentiment in China.