Chinese on-demand delivery platform Dada Nexus listed on the NASDAQ in June 2020. Trouble first emerged in December 2023 when the company's chairman and CFO resigned. In January 2024, the company then announced that a routine inspection had uncovered that revenue and costs had been overstated by RMB500m. In March 2024, the forensic review concluded that revenues had been overstated to meet targets and it did not uncover any direct evidence that the company's management-level executives, including its former CFO, orchestrated the transactions. Restated revenues showed that growth was low single digits, as opposed to the 20-25% range that had been reported. Deloitte subsequently signed off on Dada's FY23 financials but the company has lost over 95% of its value since late-2020 highs. It has survived, but for how long?

Last updated June 2024  

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