DDL - DingDong falls on report China probing over alleged mislabeling of goods

March, 17 2022 09:42 AM Dingdong (Cayman) Limited American Depositary Shares (each two representing three)

Dingdong Maicai (NYSE:DDL) dropped 7.5% after jumping 67% on Wednesday at least partly following a report that a Chinese regulator is probing the grocery-delivery platform probe related to alleged unhygienic food and disinfection problems. The market regulator in Beijing’s Haidian district has initiated a probe of Softbank-backe DingDong, according to Bloomberg, which cited an official statement. The news comes after a report in August that Chinese food delivery co. Meituan (OTCPK:MPNGF) was likely to be fined about a $1B by Chinese antitrust regulator on claims that it abused its dominant market position. Dindong (DDL) along with several other Chinese tech stocks soared on Wednesday after state-run media said the Chinese government would stabilize its markets and support economic growth.

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DingDong falls on report China probing over alleged mislabeling of goods

Company Name:	Dingdong (Cayman) Limited American Depositary Shares (each two representing three)
Stock Symbol:	DDL
Market:	NYSE

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