Dingdong Maicai Founder Resigns as CEO After Meituan Deal

Dingdong Maicai has announced a leadership reshuffle, with founder Liang Changlin stepping down as chief executive officer and former chief financial officer Wang Song taking over the role. Liang will remain chairman of the board, focusing on corporate strategy and governance, while continuing to oversee Dingdong’s overseas operations. Jiang Xu, the company’s chief technology officer, will also submit his resignation by the end of March for personal reasons, with his responsibilities to be assumed by the existing executive team.

Earlier this year, Dingdong Maicai disclosed that it had signed a share purchase agreement with a wholly owned subsidiary of Meituan to sell its China business for an initial consideration of $717 million. The management changes reflect Meituan’s broader restructuring of Dingdong’s core leadership and mark a new phase for the company beyond founder-led leadership.

Wang has nearly 20 years of experience in the consumer retail industry, having worked at companies such as Ele.me, Lianhua Supermarket, Hema Fresh and Yihai Kerry. He joined Dingdong Maicai in September 2023 as senior vice president and director, and he was appointed chief financial officer in December. In 2024, he managed the company’s day-to-day operations and oversaw growth in revenue and profit. In May 2025, he became chairman of the Dingdong Guyu Business Group, which is responsible for the development and standardization of the company’s private-label products, as well as quality control and supply chain integration.

According to Dingdong Maicai’s financial report for the fourth quarter of 2025, the company recorded revenue of 6.24 billion Chinese yuan ($908 million), up by 5.7% compared with the same period of the previous year, marking eight consecutive quarters of year-on-year growth. The gross merchandise value reached 6.70 billion yuan ($975 million), a year-on-year increase of 2.4%. The company said that the revenue growth was supported by higher average monthly transacting users and order frequency, as well as new front-end warehouses in East China, which strengthened network density and improved market penetration.

Net profits, however, fell sharply compared with the previous year. The company reported 33.6 million yuan ($4.89 million) according to generally accepted accounting principles, down by 63.3%, and 50.8 million yuan ($7.39 million) on an adjusted basis, down by 56.5%. The company’s net profit margin remained thin at 1.2% to 1.5%.

Dingdong Maicai’s American depositary shares trade on the New York Stock Exchange under the ticker DDL. When Meituan’s agreement to buy Dingdong’s China business was announced on Feb. 5, the stock fell more than 14% in a single session, wiping out much of its recent gains as investors reacted to the deal terms and leadership reshuffle. In the first half of March, shares traded between roughly $2.70 and $3.00, indicating some recovery from the initial drop but remaining relatively subdued compared with earlier levels, as participants continued to weigh earnings prospects and strategic uncertainty.

Image: Dingdong Maicai

This article was translated from Chinese. Read the original article.