Dada Nexus is a Chinese on-demand retail and delivery platform company that operates two interconnected businesses. JD NOW is an on-demand retail marketplace connecting consumers with local brick-and-mortar stores across categories including supermarkets, pharmacies, electronics, and fresh produce, with delivery in as fast as nine minutes. As of end-2024, JD NOW covered around 2,400 cities and counties and hosted over 600,000 stores. JD NOW generates revenue through commissions on transactions, advertising sold to merchants and brands, and delivery fees charged to consumers (though fees have largely been waived since early 2024 to drive user growth). Dada NOW is a crowdsourced, on-demand delivery network that fulfills JD NOW orders and orders from external merchants, operating intra-city delivery (within a 3km radius in under 30 minutes) and last-mile delivery (within four hours). Dada NOW charges merchants per-order fees and dominates the revenue mix at roughly 62% of revenues. Dada's relationship with JD Group, which owns ~63% of Dada, is central to the business: JD provides the primary consumer traffic to JD NOW through embedded entry points in the JD app, and JD Logistics is the largest single customer for Dada NOW's last-mile delivery service. JD Group and Walmart together accounted for roughly half of Dada's net revenues in 2024. JD is in the process of acquiring the remaining public shares to take Dada fully private, with the merger expected to close in Q3 2025.