SHENZHEN, China, Sept. 1, 2021 /PRNewswire/ -- TD Holdings, Inc. (Nasdaq: GLG) (the "Company"), a commodities trading service provider in China, today announced that the Company has entered into a strategic cooperation agreement (the "Agreement") on August 31, 2021 with Jinyibao International Technology Company Limited ("JIT"), a technology company engaged in global gold spot trading business. The Agreement shall be in effect until August 31, 2023.
Pursuant to the Agreement, JIT plans to reach its goal of US$3 billion in gross merchandise volume ("GMV") from global gold spot trading within three years and its target markets include but are not limited to China, India, Southeast Asia, the Middle East, Europe and North America. The Company agrees to tailor a supply chain service plan for JIT and provide supporting services along the supply chain according to JIT's needs, such as supply chain procurement services and sales, inventory pledge financing, accounts receivable management, factoring, financial support, and leasing.
According to the "China Gold Yearbook 2021" released by the China Gold Association, China's gold production in 2020 ranked first in the world. The total transaction volume of China's gold market stood at about 95,500 tons, and the gold consumption reached 820.98 tons. India's gold consumption is second only to China as the country consumed 544.6 tons of gold in 2019. The Company will mainly focus on the markets of China, India, and the surrounding regions, and plans to expand its global gold spot trading business there.
Ms. Renmei Ouyang, the Chief Executive Officer of the Company, commented, "Cooperating with JIT to enter the global gold spot trading market is of great strategic significance for the Company's long-term development. This move enriches the Company's commodity trading platforms, expands the scale of the platforms, and opens up a new profit growth point for the Company."
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.
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
Tel: +1 917 609 0333
View original content:https://www.prnewswire.com/news-releases/td-holdings-inc-announces-new-strategic-alliance-to-step-into-global-gold-spot-trading-market-301367006.html
SOURCE TD Holdings, Inc.