China's food delivery giant Meituan announced on Thursday that it will acquire Dingdong Fresh Holding Limited for U.S.$ 717 million, subject to adjustments.

Dingdong Fresh Holding Limited is a leading fresh e-commerce company in Chinese mainland, founded and controlled by Liang Changlin. Upon completion of the acquisition, Dingdong Fresh will become an indirect wholly-owned subsidiary of Meituan, and the financial performance of Dingdong Fresh will be consolidated into Meituan’s financial statements.