Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Hong Kong’s Travel Platform Klook Closes $200 Million Funding Round Amid Virus Travel Restrictions
Venture Capital Firm Qiming Raises $441 Million for Yuan-Denominated Fund for Startups
Baidu Juices Up Intelligent Driving Tie-Up With BlackBerry
India Permanently Rolls Back Welcome Matt on TikTok, WeChat and Other Chinese Apps
Will Faraday and Geely Team Up in a Possible Replication of Baidu and Foxconn Manufacturing Partnerships?
Chinese Edtech Startup Huohua Siwei Secures $400 Million in Series E Funding Round
Trending in China: Man Fired for Skipping Work to Mourn Father Gets Billion Views
Impressive New York Trading Debut for Chinese E-Cigarette Maker RLX But Challenges Lie Ahead
Self-Driving Tech Startup Uisee Closes $155 Million Funding Round
Trending in China: Gold Mining Rescue Lights Up Weibo
China Evergrande’s NEV Unit Brings Six Investors On Board to Raise $3.4 Billion
Taiwan’s MediaTek Surpasses Qualcomm as China’s Smartphone Chip Supplier of Choice as U.S. Sanctions Bite
Tencent-Backed Esports Startup VSPN Closes $60 Million Funding
Trending in China: Foreign Medical Students Volunteer for Battle Against Virus in Freezing Northeast
Chinese Telcos Look for More Sympathy Under Biden Administration
Gojek, Tokopedia Explore Holding Company Structure as Merger Talks Move Forward
Carmaker BYD to Raise $3.9 Billion Through New Share Sale
Trending in China: Beijing Skating Now On Ice As Covid Restrictions Imposed
Alibaba’s Jack Ma Reemerges After Long Absence
Chinese Mainland Speeds Up Chip Equipment Buying from ASML
Investors Eat Up Dada as Grocery Delivery Specialist Posts Strong Growth

Lu Yutong / Nov 20, 2020 06:47 PM / Business & Tech grocery delivery company Dada Nexus Ltd. recorded robust revenue growth in the third quarter as orders rose, though it remained in the red due to spiking rider costs.

The Shanghai-based company’s revenue jumped 85.5% year-on-year to 1.3 billion yuan ($198 million) in the July to September period, according to its quarterly report released on Thursday.

Revenue from its core grocery delivery platform Dada Now increased by 81.3% year-on-year thanks to rising order volume, accounting for 55% of total revenue. The remainder came from its online retail platform JDDJ , which saw an even higher year-on-year revenue increase of 91%, mainly driven by more customers and bigger average order size.

The two platforms are leaders in their fields, each with a 24% market share in the first nine months of the year, said Dada’s Chairman Philip Kuai in the report.

Banking on promotion from parent, JDDJ said it had 37.3 million active consumers as of September, up by 5 million from the second quarter of the year.

Dada’s share price has more than doubled since its June IPO on Nasdaq. Its stock rose 5.3% on Thursday before the results came out, and were up another 3.5% in premarket trading on Friday.

But its growing orders have significantly raised its operating costs, especially for riders, with operational costs up 55% year-on-year to 1 billion yuan. That in part led the company to record a net loss of 434 million yuan in the third quarter, narrower than its 685 million yuan loss a year earlier.

Dada said it expects fourth-quarter revenue of between 2 billion yuan and 2.1 billion yuan, in line with analysts’ expectation.

Contact reporter Lu Yutong ( and editor Heather Mowbray (

Share this article
Open WeChat and scan the QR code