Sold nearly $1 billion to Meituan, Dingdong Maicai's Liang Changlin sends internal letter: Let go of the rivalry and sail together

Fresh food e-commerce platform welcomes the most significant merger and acquisition at the start of 2026.

On February 5th, market rumors circulated that Meituan was discussing acquiring Dingdong Maicai. Subsequently, Caijing Times learned from sources that Meituan’s acquisition of Dingdong Maicai is valued at nearly $1 billion.

On the same day, Meituan announced that it plans to acquire all issued shares of the fresh food e-commerce company Dingdong for $717 million. After the transaction, Dingdong Maicai will become an indirectly wholly-owned subsidiary of Meituan. According to the agreement, the transferor can withdraw up to $280 million from the target group, provided that the net cash of the target group remains no less than $150 million. Meituan stated in the announcement that, based on the valuation date (January 31, 2026), the fair value of the entire equity of the target group, assessed by the market approach, is $1.006 billion.

Dingdong Maicai’s overseas operations will be spun off before the closing, maintaining its original operational model during the transition period. In response, Dingdong Maicai personnel told Caijing Times that the company’s business and team are currently operating normally and stably.

According to Caijing Times, on the same day, Dingdong Maicai founder Liang Changlin issued an internal letter, officially confirming the sale. “I know this news may come as a surprise to everyone, and there may be questions and concerns.”

Liang Changlin reviewed the company’s eight-year entrepreneurial journey—founded in 2017, Dingdong Maicai entered the fresh food e-commerce sector in Shanghai, breaking through with models like “29-minute rapid delivery” and “live fish and shrimp delivered to your door.” During the pandemic in 2020, it became a key supply provider, earning high recognition from users. After listing on the NYSE in 2021, the company decisively adopted a “prioritize efficiency while maintaining scale” strategy, achieving profitability in Q4 2022, and has maintained profit for 12 consecutive quarters, becoming a leading profitable player in the fresh food e-commerce sector.

Regarding the reasons for merging with Meituan, Liang Changlin said that Dingdong Maicai has developed strong core competitiveness over eight years, with over 85% of fresh sources directly sourced, owning 12 self-operated factories and 2 farms. These capabilities complement Meituan Xiaoxiang Supermarket’s development.

“Looking ahead, we have made a more visionary decision: to put aside competition and move forward together,” Liang Changlin stated. He believes that after the merger, Dingdong’s product strength, service capability, and supply chain efficiency will be amplified on a larger platform. “This is the convergence of two powerful streams, destined to flow into a broader ocean.”

Liang Changlin also reassured employees in the internal letter, promising that Dingdong Maicai’s business and team will remain stable, and Meituan’s vast platform will open greater career opportunities for employees. “For a long time to come, I will continue to work with everyone.”

Financial reports show that in Q3 2025, Dingdong Maicai achieved revenue of 6.66 billion yuan and GMV (Gross Merchandise Volume) of 7.27 billion yuan. Building on seven consecutive quarters of year-over-year growth, both GMV and revenue reached their highest quarterly levels ever. Meituan stated that this acquisition will integrate advantages in product strength, technology, and operations from both sides, further enhancing service capabilities in the instant retail sector.

Full internal letter from Dingdong Maicai