DADA Group (NASDAQ: DADA) closed at $1.71 on Monday, a decrease of 45.87%, with a total market value of $447 million.
First Financial released an article yesterday titled "JD's Unexpected Announcement! Qidada Discovered Doubtful Behavior during Internal Audit Process, Latest Response →". According to the article, Dada stated yesterday evening that based on preliminary evaluations, the company currently estimates that the revenue from online advertising and marketing services of approximately RMB 500 million and the cost of operational support of RMB 500 million in the first three quarters of 2023 may be exaggerated, respectively. The audit committee is hiring independent professional consultants and receiving their assistance, including a non corporate auditor's legal accounting firm and an international law firm. The company will provide timely updates on independent review in accordance with applicable rules and regulations. In addition, Dada stated that it has reported the case to the public security organs.