One of the stocks to have made a big move on Wednesday was that of the Chinese commodities trading services provider TD Holdings Inc (NASDAQ:GLG). On Tuesday, the company had announced its financial results for the second fiscal quarter that had ended on June 30, 2021 and that was possibly the trigger for the 12.50% rally in the stock yesterday.
In this context, it should be noted that in anticipation of a significant slowdown in its used luxury car leasing arm, the company sold the business in August last year and started focussing on its commodities trading and related businesses.
Renmei Ouyang, who is the Chief Executive Officer of TD Holdings spoke about the company’s performance. He noted that although the company faced difficulties due to the COVID 19 pandemic, it managed to bring in revenues of as much as $59.84 million, which worked out to a year on year rise of as much as 2981%.
In this regard, it should be noted that it marks a major milestone for the company considering the fact that the commodity trading business had been launched in 2019. He went on to state that TD Holdings is well placed to take advantage of new opportunities in the industry.