On the evening of January 8, Jingdong Group announced that Dada, the company's consolidated subsidiary, announced that it had found some suspicious behaviors during its regular internal audit process, which may raise questions about Dada's certain online marketing service revenue and operating support costs in the first three quarters of 2023. The Audit Committee of Dada's Board of Directors has decided to conduct an independent review, which will be conducted with the assistance of independent professional advisors.
Screenshot of JD.com's Hong Kong stock announcement
According to the announcement of Dada's US stocks, it is currently estimated that revenue guidance for the first three quarters of 2023 will be affected, with online advertising and marketing services revenue of about 500 million yuan, and operating and support costs of 500 million yuan, which may be exaggerated, respectively. In addition, "revenue guidance for the fourth quarter and full year 2023 previously provided by the Company should no longer be relied upon until further notice." ”
Screenshot of Dada's U.S. stock announcement
According to domestic media reports, the incident was discovered by Dada on its own initiative during the audit, or due to the suspected fraud of individual individuals. An insider said: "We have reported the case to the public security organs, and in addition, the matter does not involve Dada's core business, and the scope of impact is very limited."
However, the secondary market reacted strongly. As of the close of the U.S. stock market, Dada was trading at $1.71 per share, down 45.87%, with a current market capitalization of about $447 million.
Wind screenshot
According to public information, Dada Group is a local instant retail and delivery platform, which was established in Shanghai in 2014 and listed on the NASDAQ exchange in June 2020.
In April 2016, Dada merged with JD Daojia. At that time, JD.com exchanged JD.com's assets with JD.com's assets, JD.com's business resources and $200 million in cash for a 47% stake in the new company and became its single largest shareholder. In the past two years, JD.com has increased its holdings in Dada Group many times.
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