Dingdong Shares Tumbled Nearly 10% in Morning Trading
Tiger Newspress2022-03-17
Dingdong shares tumbled nearly 10% in morning trading.
Chinese e-commerce firm Dingdong (Cayman) Ltd apologised on Thursday for selling expired food products after the firm was summoned by Beijing's market regulator following a report on food safety by Beijing News.
Dingdong said it has suspended operations at the site where out-of-shelf-life vegetables were relabelled with new expiry dates, and frozen fish products were labelled as fresh, it said in a statement posted on its official Weibo account.
"We sincerely apologise to our customers who have trusted us for a long time. We will identify problems and rectify (them) to avoid a similar situation from happening again," it said in the statement.
The market supervision bureau of Beijing's Haidian District said it had launched an investigation into Dingdong after Beijing News uncovered the irregularities, and has carried out inspections at other fresh food e-commerce businesses.
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