Dada Nexus Limited American Depositary Shares - DADA STOCK NEWS

During Shanghai's Double Five Shopping Festival, Dada Group's JDDJ platform is distributing coupons worth 100 million yuan to boost consumption. Partnering with local retailers, JDDJ aims to enhance direct sales through these coupons, which can be combined with digital vouchers from the Shanghai government. From August 28 to September 4, JDDJ reported significant sales growth: menswear up 4.8x, home appliances 5.7x, and consumer electronics 180% year-over-year. Retailers like Mi Stores and Sephora achieved over 10x sales growth.

JDDJ, operated by Dada Group (Nasdaq: DADA), is witnessing a surge in back-to-school shopping, with notable increases in dormitory essentials and consumer electronics. Sales of dormitory necessities like lamps and bed covers rose over tenfold year-over-year, while office supplies increased by more than nine times. Consumer electronics saw a 170% growth, and sports apparel sales also surged over ten times. This trend highlights Gen-Z's preference for on-demand shopping, allowing students to conveniently order items upon arrival at campus, reducing the burden of carrying heavy luggage.

On September 5, 2022, JDDJ's General Manager Changming Li highlighted the explosive growth of on-demand retail at the China International Fair for Trade in Services. The sector is projected to exceed 1.2 trillion yuan by 2025, showcasing its significant role in integrating offline and online retail. JDDJ's collaborations boosted sales by 77% year-on-year, with a 400% increase in consumers using the Shop Now platform during the 618 Grand Promotion. JDDJ is crucial in helping traditional retailers transition to digital platforms, demonstrating its importance in the evolving retail landscape.

Dada Group (NASDAQ: DADA) highlights its Dada Now platform at the World Artificial Intelligence Conference in Shanghai, showcasing advancements in on-demand delivery through AI technology. General Manager Bing FU reported a rapid order growth, with 30.85 billion orders in 2021, reflecting a CAGR of nearly 60%. The platform's AI algorithms improve rider efficiency, achieving a 95.1% accuracy in locating delivery addresses. Collaborations with JD Logistics and White Rhino for autonomous deliveries are noted, promising lower costs and increased delivery capacity, ensuring orders are fulfilled within one hour.

Dada Nexus Limited (NASDAQ: DADA) reported significant growth in its second quarter 2022 financial results, with total net revenues reaching RMB2,281.1 million, a 55% year-over-year increase. Gross Merchandise Volume (GMV) for JDDJ rose by 68.9% to RMB54.6 billion. Active consumers increased by 41.6% to 72.8 million. Despite rising expenses totaling RMB2,909.3 million, the company's net loss decreased to RMB578.8 million from RMB640.4 million in Q2 2021. For Q3 2022, Dada projects revenues of RMB2,350 million to RMB2,450 million, indicating growth of 39% to 45% year-over-year.

Dada Nexus Limited (NASDAQ: DADA) announced significant leadership changes, effective August 31, 2022. Philip Kuai resigned as chairman and CEO. Huijian He was appointed president, while Lijun Xin is now chairman of the Board. Other resignations include Lei Xu, Yui Yu, Sandy Ran Xu, and Bonnie Yi Zhang, with Laura Marie Butler and Jian Han appointed as independent directors. Huijian He has been vital to Dada's growth and works closely with JD.com. These changes signal a strategic shift aimed at enhancing operational efficiency and synergy with JD.com in the local on-demand retail market.

Dada Nexus Limited (NASDAQ: DADA), a leading local on-demand delivery and retail platform in China, will release its unaudited financial results for Q2 2022 on August 22, 2022, after U.S. market close. A conference call to discuss earnings is set for 9:30 p.m. ET on the same day. Dada operates two interconnected platforms: JDDJ for retail and Dada Now for delivery, enhancing delivery experiences and increasing order volumes. Forward-looking statements regarding business strategies and market conditions are included.

Dada Group has reported a significant surge in sales via its on-demand retail platform, JDDJ, during the Qixi Festival in China. Sales of fresh flowers jumped by 60% week-on-week, while makeup kits saw a remarkable increase of 113%. This surge is attributed to busy consumers opting for quick delivery options. Additionally, the festival has triggered a notable rise in sales of higher-end products, with watch sales increasing almost fivefold. The data reflects changing consumer behaviors, particularly couples preferring home dining over going out.