On-demand supply operator Dada showed on Wednesday that it had “overstated” earnings and prices to “meet revenue targets,” two months nearest the subsidiary of JD reported it recognized “suspicious practices” in an inner audit. Together with the evaluation effects, Dada additionally introduced that President Jeff He’s stepping ill following the “substantial completion” of the separate evaluation, with Fu Bing, the chief of Dada Now, these days serving as meantime president. The investigation discovered that Dada performed digital transactions internally within the fourth quarter of 2022 and the primary 3 quarters of 2023, to bring about roughly RMB 568 million ($78.9 million) and RMB 576 million exaggerating in internet earnings and operations and backup prices, respectively, with out a “direct evidence” that management-level executives “orchestrated” the transactions, in step with the submitting. [Dada filing]
