This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Dingdong (Cayman) Ltd operates Dingdong Maicai, a major online grocery delivery platform in China. The company's core business involves the sourcing, processing, and distribution of fresh food, including meat, poultry, and seafood products. Its operations are built on a vertically integrated supply chain that manages the procurement and logistics for these animal-derived goods at scale. This business model is fundamentally reliant on commercial animal exploitation for food production.
Available public filings, including the company's Form 20-F and global offering prospectus, detail its extensive fresh grocery operations but do not provide specific supply chain transparency regarding animal welfare standards or sourcing practices. The company's exclusion under the animal exploitation category is based on its primary revenue model, which is intrinsically linked to the industrial-scale production and sale of animal products. As a catch-all code for commercial exploitation not covered by more specific sub-categories, this flags the company's central involvement in the animal-based food system without evidence of committed, verifiable reforms to its supply chain.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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