SHENZHEN, China, Dec.
15, 2020 /PRNewswire/ -- TD Holdings, Inc. (Nasdaq: GLG) (the
"Company"), a commodities trading service provider in China today announced that it has entered into
a non-binding letter of intent ("LOI") to acquire Tongdow
E-Commerce Group Co., Ltd. ("Tongdow "), a B2B digital e-commerce
platform for commodities trading and integrated supply chain
services headquartered in Shenzhen
Pursuant to the terms of the LOI, the Company will acquire
control and economic interest of Tongdow pursuant to certain VIE
arrangements and the equity owners of Tongdow shall receive a
combination of restricted shares and cash payment as consideration.
As the transaction proceeds, the Company will publicly disclose
required information either through press releases or SEC filings,
Tongdow aims to empower
companies to change their business methods of purchase, production,
sales, logistics, and billing, and utilize the power of Internet
technology and business model innovation to improve business
efficiency and level their playing field. Currently, Tongdow has
approximately 150,000 customers and 48 independent developed
patents. Its cumulative transaction scale (GMV) has exceeded
RMB800 billion since it is
incorporated. It has established alliances with 62 warehousing
companies in China, and its
commodity transactions has exceeded RMB10
billion. Tongdow has established in-depth cooperative
relationships with many large institutions and enterprises,
including China Construction Bank, Bank of China, China Guodian, Datang Power, China
Aluminum, Yunnan Tin Industry, Kunshan Iron and Steel Group,
Trafigura Investment (China), JD
Digital, China National Reserve Group, COSCO Group (COSCO), etc.
Tongdow management believes it is one of the leaders of the
vertical B2B non-ferrous commodities e-commerce platform.
The Company's planned acquisition of Tongdow Group is aimed to
transform the Company's bulk commodities trading platform using
digital technology and to improve the Company's profitability.
Following the completion of the planned acquisition, the Company's
goal is to build an ecosystem of digital e-commerce platforms
through digital management, operation of global commodities, layout
of 5G smart-warehouses, and to provide in-depth services that meet
the various needs of its customers. The Company believes that that
in the next 5 years, its platform's merchandise trading scale (GMV)
will exceed US$1.5 trillion and
become an influencer in the pricing of [non-ferrous?] commodities
in the global market.
About TD Holdings, Inc.
TD Holdings, Inc. (Nasdaq: GLG) is a commodities trading
service provider conducted under the brand name "Huamucheng" by the
Company's wholly owned subsidiary, Shenzhen Huamucheng Trading Co.,
Ltd headquartered in Shenzhen. For
more information please visit http://ir.tdglg.com.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of TD Holdings, Inc. and its
subsidiary companies. All statements, other than statements of
historical fact included herein are "forward-looking statements."
These forward-looking statements are often identified by the use of
forward-looking terminology such as "believes," "expects" or
similar expressions, involve known and unknown risks and
uncertainties. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they
do involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. The following
factors, among others, could cause actual results to differ
materially from those described in these forward-looking
statements: there is uncertainty about the spread of the COVID-19
virus and the impact it will have on the Company's operations, the
demand for the Company's products and services, global supply
chains and economic activity in general. Investors should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. Investors
should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of factors, including those discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on its website
at http://www.sec.gov. All forward-looking
statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by these factors.
Other than as required under the securities laws, the Company does
not assume a duty to update these forward-looking
SOURCE TD Holdings, Inc.