Dingdong (Cayman) Ltd director Leung Wai Lap Philip filed an initial ownership report showing two option awards over American depositary shares. One option covers 4,300 ADS at an exercise price of $0.0000 and another covers 4,300 ADS at $6.9834, both expiring on December 31, 2031.
Each American depositary share represents an interest in the company’s Class A ordinary shares according to the stated ADS ratio.
Dingdong (Cayman) Ltd’s Chief Technology Officer, Jiang Xu, filed an initial ownership report listing existing holdings in American depositary shares (ADSs) and related options. The filing shows direct ownership of 29,128 ADSs and multiple option awards over additional ADSs with various exercise prices and expirations.
These include options over 77,500 ADSs at an exercise price of $0.0000 per ADS expiring on June 30, 2034, as well as options over 123,856 ADSs at $7.8000 and 25,937 ADSs at $12.0000, both expiring on June 30, 2031. The entry reflects holdings only and does not report any new purchases or sales.
Dingdong (Cayman) Ltd Chief Merchandising Officer Xu Zhijian has filed an initial ownership report for American depositary shares (ADS) and options. Xu holds 24,644 ADS directly and a series of options to buy ADS at exercise prices of $0.00, $3.4684 and $7.80 per ADS, with various vesting and expiration schedules extending to 2035.
The option positions include several larger grants, such as 131,250 underlying ADS expiring in 2034 and 78,750 underlying ADS expiring in 2035, alongside multiple smaller grants in the 2,916–72,800 ADS range. A footnote states that two ADS represent three Class A ordinary shares, linking these holdings to the company’s ordinary share capital structure.
Dingdong (Cayman) Ltd director Chan Ed Yiu-Cheong has filed an initial ownership report showing holdings of 100,000 American depositary shares. This Form 3 does not reflect a new trade; it records his existing direct ownership position in the company’s ADSs.
Each ADS represents three Class A ordinary shares for every two ADSs, according to the disclosure footnote.
Dingdong (Cayman) Ltd submitted an initial insider ownership report for Zhang Chi Eric, who is identified as a director of the company. This Form 3 does not list any common stock or derivative transactions, and the accompanying summaries show no reported purchases, sales, or option exercises.
Dingdong (Cayman) Ltd director and more-than-10% owner Liang Changlin has filed an initial ownership report detailing his equity stake. He holds 267,195 American depositary shares directly. Each ADS represents three Class A ordinary shares for every two ADSs.
Indirectly, he is reported to control 23,924,861 Class A shares through EatBetter Holding Limited and 10,328,321 Class A shares through 4DDL Holding Limited. He also beneficially owns 54,543,800 Class B ordinary shares through DDL Group Limited. Class A shares carry one vote per share, while each Class B share carries twenty votes and is convertible into one Class A share, with automatic conversion to Class A upon transfer to most non‑affiliate holders.
Dingdong (Cayman) Limited has called a 2026 annual general meeting on March 27, 2026 to seek shareholder approval for a major strategic transaction. The company agreed to sell 100% of Dingdong Fresh Holding Limited, which holds substantially all of its China operations, to Two Hearts Investments Limited, a wholly owned Meituan subsidiary, for an equity transfer price of USD 717 million, subject to working capital, net cash and debt-like adjustments and potential deductions for fund leakage.
Subject to closing and receipt of proceeds, the board would be authorized to use not less than 90% of the company’s post-closing cash balance, after transaction costs and payables, for share repurchases and/or dividends at its discretion. The deal requires anti-monopoly clearance in China, completion of a large non-sensitive project filing with the National Development and Reform Commission, tax filings by Dingdong as transferor, divestiture of certain overseas businesses and completion of various corporate, banking and intercompany clean-up steps before closing.
Dingdong (Cayman) Limited announced a major leadership reshuffle, with founder Changlin Liang stepping down as Chief Executive Officer while remaining Chairman of the Board. Song Wang, previously Chief Financial Officer and a senior operations leader, has been appointed CEO effective March 4, 2026.
Wang has held several key roles, including Senior Vice President, director and head of the Dingdong Guyu Business Group, and led day-to-day operations in 2024, when the company achieved growth in both scale and profitability. The Board expressed confidence that he can guide the next phase of growth.
The company also disclosed that Chief Technology Officer Xu Jiang will resign by the end of March 2026 for personal reasons, with his responsibilities to be redistributed among existing leaders. The company emphasized there is no dispute or disagreement underlying his departure and highlighted his contributions to building Dingdong’s end-to-end digital supply chain.
Dingdong (Cayman) Limited reported another profitable quarter while preparing a major strategic sale. For fourth quarter 2025, revenue rose 5.7% year over year to RMB6,242.6 million, driven by higher transacting users, order frequency, and expanded frontline fulfillment in East China.
Net income was RMB33.6 million, marking the eighth consecutive GAAP-profitable quarter, while non-GAAP net income reached RMB50.8 million, the thirteenth straight non-GAAP-profitable quarter, although both profit and margins declined versus a year earlier. Operating cash flow was RMB204.5 million, the tenth consecutive quarter of positive cash generation, and cash, restricted cash, and short-term investments totaled RMB3,976.8 million as of December 31, 2025.
The company also highlighted a definitive agreement signed on February 5, 2026 to sell its China business to Meituan and stated its intention to use a substantial majority of the proceeds for share repurchases and/or dividends after closing, signaling a potential large return of capital to shareholders.
Dingdong (Cayman) Limited is setting the timetable for its 2026 annual general meeting of shareholders. The record date for holders of its Class A and Class B ordinary shares to be eligible to attend and vote at the AGM is the close of business on March 9, 2026, Shanghai time.
To qualify, transfers of ordinary shares on the Cayman Islands register must reach the company’s principal share registrar by 6:00 p.m. on March 6, 2026, Cayman Islands time. Holders of American depositary shares as of the close of business on March 6, 2026, New York time can attend the AGM and may instruct Deutsche Bank Trust Company Americas, as depositary, how to vote the Class A ordinary shares represented by their ADSs.