Dada Group Celebrates Initial Public Offering on the Nasdaq Stock Exchange
Hosts Special Listing Day Event with Distinguished Guests at Shanghai Tower
Virtually Rings Nasdaq’s Opening Bell in New York from Shanghai to Commemorate Milestone
SHANGHAI, China, June 05, 2020 (GLOBE NEWSWIRE) -- Dada Group (“Dada” or the “Company”), China’s leading local on-demand delivery and retail platform, today began trading on the Nasdaq Stock Exchange under the ticker symbol “DADA” following its initial public offering.
To commemorate this corporate milestone, the Company held a special listing day event at Shanghai Tower, the tallest building in China and the second tallest in the world, drawing attendance from its Board of Directors, retail and brand partners, investors, riders, employees and media correspondents. As part of the event, Founder, Chairman and Chief Executive Officer of Dada Group, Phillip Kuai delivered a speech and held a countdown to the market’s opening. Seven members of Dada’s management team participated in a virtual bell ringing ceremony at the opening of the Nasdaq Stock Exchange that was broadcast live from Nasdaq’s MarketSite Tower in Times Square, showcasing the Company on a seven-story LED screen in the heart of New York City.
Dada Group is a leading platform of local on-demand retail and delivery in China. It operates JDDJ, one of China’s largest local on-demand retail platforms by GMV in 2019, and Dada Now, a leading local on-demand delivery platform in China by number of orders in 2019, according to the iResearch. There was an increase in demand for Dada’s services during the COVID-19 outbreak as more and more people shopped for daily necessities online, such as groceries, fresh produce, healthcare and household products during this period.
“We are proud to celebrate this important milestone in Dada’s history at a time when our services are more essential than ever before,” said Philip Kuai, Founder, Chairman and Chief Executive Officer of Dada Group. “Since day one, our goal has been to bring people everything on demand, and as we’ve expanded our business, our goal has remained the same. Now, just days from the Company’s sixth birthday, we have taken a significant step forward in our ability to boost the innovation revolution in China’s retail industry and offer a more efficient and convenient shopping experience for our customers. Our association with the Nasdaq Stock Exchange raises our Company's profile in the capital markets and provides new financial tools to continue to fuel our strong growth trajectory as we drive long-term value for our shareholders.”
Mr. Kuai continued, “We’d like to thank all of our business partners, customers, riders, employees and investors who have helped us get to where we are today, and especially acknowledge those existing and new investors who have pledged their support for our vision with participation in today’s listing. I am incredibly proud of what Dada has achieved and look forward to continuing to capitalize on the opportunities ahead.”
“We congratulate Dada Group on its successful listing on the Nasdaq,” said Zhenhui Wang, Senior Executive Vice President of JD.com, Chief Executive Officer of JD Logistics and member of the Company’s Board of Directors, who was also in attendance at the listing day event. “We are committed to supporting the Company in the years to come and believe it is well-positioned for continued success. During the COVID-19 pandemic, Dada has been able to flex its services to meet unprecedented demand and its resilience and strong performance in recent months is a testament to the strength of the model the Company has built.”
Zhiyu Chen, SVP of Walmart China, added, “Since our initial investment in Dada Group nearly four years ago, we have continued to recognize the potential of Dada’s unique and innovative approach to solving the last mile. We are excited to participate in today’s listing and see compelling opportunities for Dada to further expand and execute on its accelerated growth strategy. We look forward to continuing to build on our strong partnership in the years to come.”
About Dada Group
Dada Group is a leading platform of local on-demand retail and delivery in China. It operates JDDJ, one of China’s largest local on-demand retail platforms for retailers and brand owners, and Dada Now, a leading local on-demand delivery platform open to merchants and individual senders across various industries and product categories. The Company’s two platforms are inter-connected and mutually beneficial. The Dada Now platform enables improved delivery experience for participants on the JDDJ platform through its readily accessible fulfillment solutions and strong on-demand delivery infrastructure. Meanwhile, the vast volume of on-demand delivery orders from the JDDJ platform increases order volume and density for the Dada Now platform.
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. Dada may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Dada’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Dada’s strategies; Dada’s future business development, financial condition and results of operations; NIO’s ability to maintain its relationship with major strategic investors; its ability to provide efficient on-demand delivery services and offer quality on-demand retail experience; its ability to maintain and enhance the recognition and reputation of its brands; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Dada’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Dada does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Joele Frank, Wilkinson Brimmer Katcher
Ed Trissel / Jon Keehner / Kate Thompson
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ec9fac32-6e34-41db-a3a5-e942c7bc2679