Dingdong Maicai, a major Chinese online grocer, released its 2021 Q4 financial report yesterday. The company made RMB 20 billion ($3 billion) in revenue over the course of 2021 according to the report, a 77.5% year-on-year increase. The report also noted that in December 2021, the fresh food-focused e-commerce platform turned its first gross profit in Shanghai, the city where it first launched in May 2017. The company said it plans to invest more in long-term areas such as product capabilities, traffic operations, and infrastructure in the coming year. [Dingdong Maicai press release]
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