Caixin
Mar 18, 2022 08:30 PM
BUSINESS

Online Grocer Dingdong’s Stock Plunges on Food Safety Probe

A Dingdong Maicai delivery station in Shanghai on Aug. 15. Photo: VCG
A Dingdong Maicai delivery station in Shanghai on Aug. 15. Photo: VCG

Shares of Dingdong (Cayman) Ltd. plunged nearly 11% on Thursday after China’s market watchdog summoned the grocery platform to answer for food quality and safety breaches.

In a late Thursday social media post (link in Chinese), the New York-listed firm apologized for selling expired vegetables, manipulating expiration dates, selling frozen fish as fresh, and other unspecified misconduct.

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