Chinese online grocery app slot online Dingdong has decided to downsize its planned IPO in New York ahead of its listing.This comes after shares of rival MissFresh, the first Chinese stock to represent the country’s fast-growing online grocery market NASDAQ-listed, have fallen more than 30 percent since being listed on Friday.

Dingdong originally planned to sell 14 million shares at $23.50 to $25.50 each, but has now dramatically reduced the number to 3.7 million shares, a 74% drop.That raises big questions in the Chinese online grocery market and worries investors.

2012 was the year that online shopping apps appeared in China. After nine years of mixed results Online grocers came into their own during the COVID-19 pandemic as people preferred to stay home for most of their shopping.

Big grocery stores like MissFresh and Dingdong are in the midst of fierce competition in a crowded market. which was joined by e-commerce giants Meituan and JD.com, among others. that launched a fresh fruit and vegetable delivery service last summer.