Dada chairman and CEO steps down

Kuai Jiaqi, founder of Dada Nexus Ltd, China's leading local on-demand delivery and retail platform, has stepped down as chairman and CEO, becoming the latest young Chinese tech entrepreneur to retreat from executive office.

Dada Vice-president He Huijian will become president and be responsible for daily operational management, according to a statement from the company.

Xin Lijun, CEO of JD Retail — the retail unit of e-commerce giant JD — has been appointed to succeed Kuai as chairman of Dada. JD now holds about 52 percent of Dada's shares.

Dada also reported total net revenue in the second quarter of 2022 of 2.3 billion yuan ($335.1 million), surging 55 percent year-on-year.

The total gross merchandise volume of JD Daojia, the on-demand retail platform of Dada, for the twelve months ending June 30 was 54.6 billion yuan, an increase of 68.9 percent year-on-year. The number of active consumers for the twelve months ending June 30 was 72.8 million, compared with 51.3 million in the same period of 2021.