On 5 Feb, Meituan announced the acquisition of the Chinese business of dark store operator Dingdong Maicai (NYSE: DDL). You can read our analysis of the acquisition, as well as its significance to online grocery and new retail.
Liang Changlin, the founder of DDL, sent an open letter to all Dingdong employees announcing the deal. In the letter, he reflected on the journey taken, as well as explained the rationale of picking Meituan as the buyer.
Here is the English translation of Liang’s full letter:
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An Open Letter to All Dingdong Colleagues
Dear Dingdong colleagues,
Today, we have formally signed an agreement to be acquired by Meituan. I know this news may come as a surprise to many of you, and it’s natural to feel questions, concerns, or unease. That’s why I want to take this opportunity to speak openly and honestly with everyone.
I. The Road We’ve Traveled
When Dingdong Maicai was founded in 2017, Shanghai already had more than a dozen fresh e-commerce companies. We were the last to enter the race. Back then, no one really believed in us — but we found our own path: delivering fresh groceries to your door within 29 minutes. Order by order, we refined our products; category by category, we built our capabilities. Step by step, we survived fierce competition.
In 2020, the pandemic hit, and we pushed through adversity to become a lifeline for many communities. I will never forget that scene: during the most difficult days, a Dingdong delivery rider rode through a small neighborhood, while residents stood on their balconies shouting, “Go Dingdong Maicai!”
I’ve watched that video many times, and every time it brings me to tears. That wasn’t just encouragement for Dingdong – it was recognition of every single one of us. In the hardest moments, we did not retreat.
In 2021, we successfully went public. Two months after the IPO, we decisively proposed the strategy of “profitability first, with balanced growth.” That decision cost us the opportunity for faster expansion, but it saved the company. By the fourth quarter of 2022, we achieved full profitability. As of today, we have remained profitable for 12 consecutive quarters. In this industry, we are among the very few companies that are profitable – and perhaps the only one to do so.
I once wrote in our financial report: this is not something achieved through opportunism, shortcuts, or luck – it is the result of doing hard things, doing the right things, and doing things properly.
On this road, we walked together.
II. Why We Chose Meituan
This decision was made after careful and thorough deliberation by the board. I want to share my thinking with everyone.
Over the years, Dingdong has built very strong supply-chain capabilities. More than 85% of our fresh produce is sourced directly; we operate 12 proprietary factories and 2 self-run farms. In the past year, consumption of our black pork and pork products grew by over 37%; organic vegetables, low-GI products, and healthy snacks all grew by more than 30% year-on-year. Our “Daily Fresh Pot” category grew by 28%. These capabilities are the result of more than eight years of steady, painstaking work – one step, one link at a time.
As an industry partner, Meituan’s Xiaoxiang Supermarket has also achieved very strong growth over the past year. By identifying high-quality suppliers and continuously improving user experience, it has quickly become a benchmark in the industry. This aligns closely with the “4G strategy”* we firmly believe in.
After the merger, Dingdong’s three core strengths – exceptional products, ultra-reliable service, and extreme efficiency built on an integrated supply chain – will not disappear. On the contrary, they will be amplified on a larger platform, creating even greater value. Together, we can serve a broader market and make good food as accessible as tap water, benefiting tens of millions of households.
This was the mission we wrote down on our very first day as a startup. It aligns deeply with Meituan’s mission of “helping people eat better and live better.”
Looking ahead, we have made a more long-term decision: letting go of ego and choosing alignment over parallel competition. This is the convergence of two strong currents and will inevitably rush toward a broader ocean. Of course, we also understand that this transition will require the collective effort of everyone.
III. What Everyone Is Most Concerned About
I know the biggest concern for many of you is your job and your future. Please rest assured: Dingdong Maicai’s business and teams will remain stable, and everyone will continue to have a very solid platform for development.
Moreover, Meituan’s business landscape is vast. This merger opens up even broader career opportunities for everyone. In a fast-growing organisation, the sky is high enough for birds to fly, and the sea wide enough for fish to leap.
Finally, I want to say this:
I’ve been in Shanghai for 23 years. From a programmer writing code to becoming the founder of Dingdong Maicai, my entrepreneurial journey has gone through many dark moments and many flashes of brilliance. The eight-plus years of Dingdong Maicai has been the most proud period of my entrepreneurial life. That pride doesn’t come from being listed, or from profitability – it comes from every one of you.
From the delivery riders who braved wind, rain, and epidemics to deliver orders in empty streets; from the operations staff working in sorting centers at three in the morning; from product managers who treat every vegetable and every cut of meat as if preparing a meal for their own families; from engineers who quietly optimise every algorithm behind the system – all of you.
Dingdong Maicai has come this far because of every single partner.
A new chapter has begun. For a long time to come, I will continue to fight alongside all of you. Let us walk with outstanding people and continue to do difficult but correct things.
Liang Changlin
February 5, 2026
* “4G Strategy” – a Dingdong concept that includes “Good products, Good price, Good service and Good efficiency”.
