Under the terms of the merger, each American depository share (ADS) will receive US$2.0 in cash, representing a 42% premium over the 24 January 2025 closing price, and individual shares will receive US$0.5 in cash. The merger was approved by Dada’s shareholders at an extraordinary general meeting held on 10 June 2025. Following completion, Dada Nexus was delisted from the NASDAQ stock exchange and became a privately held company.
Founded in 2014 through the merger of JD.com’s intra-city delivery unit and independent delivery platform Dada, Dada Nexus is one of China’s leading local delivery platforms. The privatisation supports JD.com’s strategy to further enhance its last-mile delivery capabilities, drive operational efficiencies, and strengthen its competitive edge in China’s rapidly evolving on-demand delivery sector.
The transaction was led by Hong Kong and Mainland China Managing Partner David Bulley and Hong Kong Senior Associate Alejandra Gonzalez Saucedo, supported by a cross-border team from Appleby’s Hong Kong and Shanghai offices, including Partner Hannah Yao (Shanghai) and Associate Ashley Chung (Hong Kong).
Commenting on the matter David said “This transaction once again showcases the strength and expertise of our Hong Kong and Shanghai offices’ US public M&A teams. Our Asia offices are regularly engaged in high-profile transactions with clients turning to Appleby due to our market leading cross-jurisdictional teams and expertise, and our senior led and highly experienced deal teams when undertaking large and complex transactions.”
