On January 30th, the reporter learned that Dingdong Maicai recently announced that its board of directors has authorized the implementation of a share repurchase plan. According to the plan, the company can repurchase up to $20 million in shares before January 28th, 2025.
After announcing the Q4 2023 performance, the company can begin implementing share buybacks before March 31, 2024. Given the confidence in the company's sufficient cash reserves and cash flow, as well as the current stable operating situation, the company expects to provide funding for the repurchase from the existing cash balance.
As a leading domestic fresh food e-commerce enterprise, Dingdong Maicai's business is in a stable development stage. Through exploration and transformation of the food supply chain, it provides consumers with fresh, high-quality ingredients and instant delivery services. At present, Dingdong Maicai has a series of unique self owned products and a high-quality user group. Through refined operations, it also demonstrated the company's ability to achieve stable profitability in 2023. This repurchase plan represents the company's firm confidence in its own business development and future prospects.