Mar 07, 2024 05:04 AM

BUSINESS

JD.com’s Logistics Unit Dada Discloses Financial Fraud, President to Resign

By Bao Yunhong, Zhao Wei and Denise Jia

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A Dada delivery driver in Shenyang, Liaoning province, on Dec. 4, 2021.

A Dada delivery driver in Shenyang, Liaoning province, on Dec. 4, 2021.

After a three-month investigation, Chinese e-commerce giant JD.com’s logistics unit Dada Nexus Ltd. confirmed that the company had inflated revenue figures and costs to hit its revenue targets. He Huijian, the Dada President, will resign after the independent review is complete.

Fraudulent transactions resulted in revenue being overstated by about 568 million yuan ($79 million) and operating costs by 576 million yuan from the fourth quarter of 2022 to the third quarter of 2023, according to the investigation.

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