Dingdong to Sell China Operations to Meituan for $717m

Dingdong, a grocery e-commerce group, is selling its China operations to Meituan subsidiary Two Hearts Investments for $717m. The deal excludes Dingdong's international activities and requires regulatory clearances and shareholder approval. Payment will be split into two tranches, with 90% due at closing and the balance following tax settlement. Dingdong has agreed to a non-competition covenant for five years and a "no-shop" clause to prevent rival approaches during the interim period.