Dingdong Maicai price rises as ticker symbol may have been mistaken for DIDI
Dingdong Maicai, a Chinese fresh produce e-commerce platform, tripped the breaker twice on the second day after being listed. At the time of writing this article, it is reportedly priced at $ 38.4 per share. Its total market value has fallen to $ 9 billion.
Dingdong’s share price shot up just two days after its IPO, confusing many. With its share price rising by 43%, trading was temporarily halted. Yet when trading resumed, its price continued to climb, with the breaker tripping for the second time. At present, Dingdong Maicai’s boom has slowed down to around 63%, with a share price of US $ 38.4 per share, and its total market value has fallen to $ 9 billion. US. In contrast, MissFresh rose 12%, priced at US $ 10 per share, holding a market value of US $ 2.3 billion.
Zhang Ying, founding managing partner of Matrix Partners China, said on WeChat that some investors in the United States may have confused the stock symbol (DDL) of Dingdong Maicai with Didi (DIDI).
On June 30, Beijing time, Didi was officially listed on the New York Stock Exchange with the ticker symbol “DIDI”. In this IPO, the company’s issue price was set at $ 14. Didi issued 317 million US depository shares, 10% more than its original plan of 288 million shares. At the issue price of US $ 14, Didi has raised at least US $ 4.4 billion this time, and its IPO valuation is over US $ 67 billion.
Dingdong Maicai was officially listed on the New York Stock Exchange on the evening of June 29, priced at $ 23.5 per share. According to its prospectus, Dingdong Maicai made an initial public offering of 3.7 million US Depository Shares (ADS), raising around $ 86.95 million, just a quarter of its original plan.
Dingdong Maicai submitted its prospectus on June 9. According to the document, Dingdong Maicai’s turnover in 2020 was 11.336 billion yuan, an increase of 192% year-on-year. Its revenue in the first quarter of 2021 was 3.757 billion yuan, an increase of 45% year-on-year.
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From 2018 to 2020, Dingdong saw its compound annual growth rate of gross value of goods (GMV) reach 319%, and its GMV reached 13 billion yuan in 2020, accounting for 10% of the e-commerce market share. instant retail in China.