Chinese grocery app Dingdong Maicai closed dozens of operational sites in Shenzhen and Guangzhou at the end of January, which the company claimed is “a regular operational optimization,” according to the local media outlet Southern Metropolis Daily. The report added that the spokesperson for Dingdong Maicai didn’t respond to the question of how many sites remain after 38 sites were suspended in the two major cities of Guangdong. The New York-listed company’s shares have been trading below $1.50 since February and have continued to sink, now approaching $1, signaling its risk of delisting. [Southern Metropolis Daily, in Chinese]
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