SHENZHEN, China, July 16, 2021 /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 (the
"LOI") with Guangdong Jinbochuang Special Purpose Vehicle
Co., Ltd. and ("Jinbochuang") and Hunan Jinmeike New
Material Co., Ltd. ("Jinmeike") and their shareholders to
acquire both Jinbochuang and Jinmeike to step into the unmanned
logistics and new energy vehicle industry.
Pursuant to the LOI, the Company agreed to acquire 100% of the
equity interests of Jinbochuang and Jinmeike in exchange for
certain amount of shares of common stock of the Company be
determined based on the Company's due diligence and the parties
negotiation. Management expects the acquisition will complete
within 180 days from the date of the LOI assuming satisfactory due
diligence and the parties can enter into definitive agreement.
Either party to the LOI may terminate the LOI unilaterally. As the
transaction proceeds, the Company will publicly disclose required
information either through press releases or SEC filings, as
appropriate.
Ms. Renmei Ouyang, the Chief
Executive Officer commented, "Over the past decade, we mainly
focused on large-scale business transactions including non-ferrous
metals trading and supply chain services which are inseparable from
warehousing and logistics. The planned acquisition of Jinbochuang
and Jinmeike is not only in line with our growth strategy of
improving our industrial chain, but also corresponds to the
national strategy of 'Made in China 2025' and the industry trend of
manufacturing lightweight vehicles. We expect to incorporate
lightweight new materials, applications and lightweight trucks into
our global industry chain. Through leveraging the advantages of
Jinbochuang's experience in new energy vehicle industry and
Jinmeike's expertise in unmanned logistics, we strive to optimize
our business."
Completion of the transaction is subject to due diligence
investigations by the relevant parties, the negotiation and
execution of a definitive share exchange agreement, satisfaction of
the conditions negotiated therein including the approval of the
Company's Board of Directors, approval by Nasdaq of the listing of
shares issued in the transaction, and the satisfaction of other
customary closing conditions. There can be no assurance that a
definitive agreement will be entered into or that the proposed
transaction will be consummated. Further, readers are cautioned
that those portions of the LOI that describe the proposed
transaction, including the consideration to be issued therein, are
non-binding.
About TD Holdings, Inc.
TD Holdings, Inc. is a service provider currently engaging in
commodity trading business and supply chain service business
in China. Its commodities trading business primarily involves
purchasing non-ferrous metal product from upstream metal and
mineral suppliers and then selling to downstream customers. Its
supply chain service business primarily has served as a one-stop
commodity supply chain service and digital intelligence supply
chain platform integrating upstream and downstream enterprises,
warehouses, logistics, information, and futures trading. For more
information, please visit http://ir.tdglg.com.
About Jinbochuang Special Purpose Vehicle Co., Ltd.
Founded in Dongguan,
Guangdong, Jinbochuang is a
professional and innovative enterprise focusing on lightweight
truck tops, R&D and manufacturing of parts and components. The
company focuses on the research and development, production and
sales of cabin equipment for automobiles, military and commercial
vehicles, as well as various customized services for commercial
vehicles. The company is committed to the technology research and
development and market promotion of high-performance
magnesium-aluminum alloy lightweight cars and cost-effective
high-strength steel lightweight cars. The company's new energy
vehicle partners include Qingling, BYD, Foton, Geely, Hyundai
Motor, etc.
About Jinmeike New Material Co., Ltd.
Founded in 2019, Jinmeike is a high-tech company engaged in the
research and development, production, sales and technical
consultation of magnesium alloy new materials and magnesium alloy
new energy auto parts. The company's registered capital is
RMB100 million, of which 30% was
invested in patented technology.
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 statements.
For more information, please contact:
Ascent Investor Relations LLC
Ms. Tina Xiao
Email: tina.xiao@ascent-ir.com
Tel: +1 917 609 0333
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SOURCE TD Holdings, Inc.