Shenzhen, china, July 16, 2021 / PRNewswire / – TD Holdings, Inc. (Nasdaq: GLG) (the “Company”), a provider of commodities trading services in China, today announced that it has entered into a non-binding letter of intent (the “Letter of Intent“) with Guangdong Jinbochuang Special Purpose Vehicle Co., Ltd. and (“Jinbochuang“) and Hunan Jinmeike New Material Co., Ltd. (“Jinmeike“) and their shareholders to acquire Jinbochuang and Jinmeike to enter the unmanned logistics and new energy vehicle industry.
In accordance with the letter of intent, the Company has agreed to acquire 100% of the interests of Jinbochuang and Jinmeike in exchange for a certain number of ordinary shares of the Company determined on the basis of the due diligence of the Company and the negotiations of the parties. Management expects the acquisition to be completed within 180 days of the date of the letter of intent, assuming satisfactory due diligence and the parties can reach a definitive agreement. Either party to the LAW may terminate the LAW unilaterally. As the transaction progresses, the Company will publicly disclose the required information through press releases or documents filed with the SEC, as applicable.
M / s. Renmei Ouyang, said the CEO: “Over the past decade, we have mainly focused on large-scale business transactions, including non-ferrous metal 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’s trend to manufacture light vehicles. We plan to incorporate new lightweight materials, applications and light trucks into our global industry chain. By leveraging the advantages of Jinbochuang’s experience in the new energy vehicle industry and Jinmeike’s expertise in unmanned logistics, we strive to optimize our business. “
The completion of the transaction is subject to the due diligence required by the parties concerned, to the negotiation and execution of a definitive share exchange agreement, to the satisfaction of the conditions negotiated therein, including the approval by the Board of Directors of the Company, approval by the Nasdaq of the listing of the shares issued as part of the transaction, and the satisfaction of other customary closing conditions. There can be no assurance that a definitive agreement will be reached or that the proposed transaction will be completed. Further, readers are cautioned that the parts of the Letter of Intent which describe the proposed transaction, including the consideration to be issued therein, are not binding.
About TD Management, Inc.
TD Holdings, Inc. is a service provider currently engaged in commodity trading and supply chain services in China. Its commodities trading activities primarily consist of purchasing non-ferrous metal products from upstream metal and mineral suppliers and then selling them to downstream customers. Its supply chain service business has mainly served as a one-stop product supply chain service and digital intelligence supply chain platform integrating upstream and downstream businesses, warehouses, logistics, information and futures trading. For more information, please visit https://ir.tdglg.com.
About Jinbochuang Special Purpose Vehicle Co., Ltd.
Founded in Dongguan, Guangdong, Jinbochuang is a professional and innovative enterprise focused on light truck roofs, R&D and manufacturing of parts and components. The company focuses on research and development, production and sale of cabin equipment for automobiles, military and commercial vehicles, as well as various custom services for commercial vehicles. The company is engaged in technological research and development and market promotion of high performance magnesium-aluminum alloy light cars and cost effective high strength steel light 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 enterprise engaged in the research and development, production, sales and technical consultation of new magnesium alloy materials and new energy magnesium alloy auto parts. The company’s share capital is 100 million RMB, 30% of which has been invested in patented technology.
Safe Harbor Declaration
This press release may contain certain “forward-looking statements” relating to the business of TD Holdings, Inc. and its subsidiaries. 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, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, risks and uncertainties, and these expectations may prove to be inaccurate. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: There is uncertainty as to the spread of the COVID-19 virus and the impact it will have on operations of the Company, demand for the Company’s products and services, global supply chains and general economic activity. 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 actual results of the Company could differ materially from those anticipated in these forward-looking statements due to various factors, including those discussed in the Company’s periodic reports which are filed with the Securities and Exchange Commission and available on its website at the address https://www.sec.gov. All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors. Except as required by securities laws, the Company assumes no obligation to update these forward-looking statements.
For more information please contact:
Ascent Investor Relations LLC
M / s. Tina Xiao
Email: [email protected]
Phone. : +1 917 609 0333
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SOURCE TD Management, Inc.