Defendant Name:
Dada Nexus Limited
Defendant Type:
Public Company
SIC Code:
9999
CUSIP:
23344D10
Document Reference:
34-106344
Document Details
Legal Case Name
In the Matter of Dada Nexus Limited
Document Name
Order Instituting Cease and Desist Proceedings Pursuant to Section 21C of the Securities and Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
Document Date
11-Sep-2026
Document Format
Administrative Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On September 11, 2026, the SEC instituted settled cease-and-desist orders against Dada Nexus Limited, stating: "From October 2022 through September 2023 (the “Relevant Period”), Dada, an on-demand retail and delivery platform headquartered in Shanghai, People’s Republic of China (“China”), engaged in sham transactions concerning certain online advertising and marketing transactions that lacked any apparent business substance and were conducted primarily to meet revenues targets (the “Transactions”), which resulted in Dada materially overstating net revenues and operation and support costs, in the amounts of approximately RMB 568 million (approximately $80 million) and approximately RMB 576 million (approximately $81 million), respectively, in unaudited earnings releases furnished with the Commission on Forms 6-K for the fourth quarter of fiscal year 2022 and the first three quarters of fiscal year 2023. This included Dada reporting materially overstated net revenues in unaudited financial results furnished with the Commission for the second and third quarters of fiscal year 2023 by 8% and 9%, respectively."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Self Reporting to SEC
Monetary Penalties:
Civil Penalty
Individual:
$500,000.00
Shared:
