TD Holdings Inc. (NASDAQ: GLG) has announced signing a trade partnership agreement with Yangpu Economic Development Zone’s management committee through its subsidiary Hainan Baiyu Cross-border E-Commerce Co. Ltd.
TD Holdings enter a cooperation agreement in Hainan
Yangpu Economic Development Zone is Hainan’s biggest economic zone and the maiden national-level development zone in China that has been developed comprehensively through foreign investments. The zone enjoys preferential bonded zones policies. The cooperation agreement will be effective until December 31, 2022, and will help the company expand its commodity trading business. The company’s trading business involves buying non-ferrous metal products from upstream mineral and metal suppliers before selling them to downstream customers. In addition, TD Holdings’ supply chain business has been serving as a one-stop commodity logistics service and online intelligence supply chain system integrating downstream and upstream business logistics, information, warehouses, and futures trading.
According to the agreement, TD Holdings has agreed to start its commodity trading business in the region. In return, the Yangpu Economic Development Zone management committee has agreed to give TD Holdings preferential policies that include financial support, tax relief, and rental subsidies.
TD Holdings CEO Renmei Ouyang said, “We are excited to partner with Hainan’s largest economic zone as we will have access to preferential policies. Looking forward, we are confident to enhance the leading market position in Hainan and explore entering more trading fields. We plan to explore the Southeast Asian market through our cross-border e-commerce business and increase our brand awareness in the commodity trading market there.”
TD Holdings to acquire Jinmeike and Jinbochuang
Recently the company announced the signing of a non-binding letter of intent to acquire Hunan Jinmeike New Material Co. Ltd ad Guangdong Jinbochuang Special Purpose Vehicle Co. Ltd. The acquisition of Jinemeike and Jinbochuang is a move by the company into the new energy vehicle and unmanned logistics industry.