Dingdong Maicai (Stock Code: DDL) has successfully completed its listing on the New York Stock Exchange (NYSE) on June 29, 2021 (Beijing time) with a listing price of USD 23.5 per American Depositary Share (ADS). Jingtian & Gongcheng's legal team acted as the Chinese legal adviser to the issuer and are actively engaged in the listing. Jingtian & Gongcheng's legal team provided comprehensive legal services including setting out employee stock ownership plans, conducting Chinese legal due diligence, giving legal opinions and assisting in answering inquiries from the regulator.
Established in May 2017, Dingdong Maicai is a leading and fastest-growing on-demand fresh produce e-commerce platform in China. It’s now available in 33 cities including Shanghai, Beijing, Shenzhen, Guangzhou and Hangzhou, with over 1,000 front-end warehouses. Dingdong Maicai is committed to “making great ingredients accessible like tap water and benefiting all.” By sourcing directly from the producers, shipping to the front-end warehouses and delivering to buyers in 29 minutes at the fastest, Dingdong Maicai brings a fresh food shopping experience of good quality, fast delivery and a wide range of fresh produce to choose from backed by its technology elevated logistics prowess. In addition to the above, Dingdong Maicai is continuously perfecting its digital operations toward better precision and efficiency. The company is adhering to its sourcing-from-producers model and with the help of digital technologies, it’s transforming the once rarely standardized fresh food offerings to standardized, intelligent fresh food logistic networks.
Jingtian & Gongcheng's legal team has been acting as the legal adviser to Dingdong Maicai since mid-2017, and has assisted Dingdong Maicai in its successful restructuring within the domestic market and overseas, two pre-IPO funding rounds raising USD 1.03 billion in total - a Series D funding co-led by Coatue and DST Global and a Series D-plus round led by SoftBank‘s Vision Fund, and all the way to its successful listing.
