(Note: Dingdong priced its drastically downsized IPO on June 29, 2021, at $23.50 – the low end of its $23.50-$25.50 range – on 3.7 million ADS – the same as in its S-1/A filing (amended prospectus) dated June 28, 2021 – to raise just $87 million. Dingdong cut the IPO’s size on Monday,  down from its initial size of 14 million ADS – at the same $23.50-to-$25.50 range. The IPO raised 74.6 percent – or nearly 75 percent less – than the company initially intended.)

We are the fastest-growing on-demand e-commerce company in China, according to the China Insights Consultancy (CIC). We provide consumers with fresh produce, meat and seafood and other daily necessities through a convenient and excellent shopping experience supported by an extensive self-operated frontline fulfillment grid. With fresh groceries as our core product category, we have expanded to provide other daily necessities to grow into a leading one-stop online shopping destination in China for consumers to make purchases for their daily lives. At the same time, we are working to modernize China’s traditional agricultural supply chain through standardization and digitalization, empowering upstream farms and suppliers to make their production more efficient and tailored to actual demand.

Our total revenues have grown from RMB3,880.1 million in 2019 to RMB11,335.8 million (US$1,730.2 million) in 2020, driven by the robust growth in our GMV. Our market share in the on-demand e-commerce industry as measured by GMV was 10.1% in 2020, according to the CIC, and our total GMV has grown from RMB741.7 million in 2018 to RMB13,032.2 million (US$1,989.1 million) in 2020, representing a CAGR of 319.2%. This growth rate ranked first among the top five on-demand e-commerce platforms in China and significantly outpaced the overall market size growth rate of 114.6% during the same period. In addition, in 2020, we ranked first by GMV among our competitors in the Yangtze River Delta megalopolis, which contributed about 24% of China’s total GDP in 2020, while also expanding into other regions across China.

Note: Revenue and net loss figures are in U.S. dollars for the year ended Dec. 31, 2020.