To march into the renewable energy sector, and
create new curve for business performance
SHENZHEN, China, Aug. 24,
2023 /PRNewswire/ -- TD Holdings, Inc. (Nasdaq: GLG)
(the "Company"), a commodities trading service provider in
China today announced that the
Company's wholly-owned subsidiary Shenzhen Qianhai Baiyu Supply
Chain Co., Ltd. ("Baiyu"), an integrated service provider
specializing in commodity supply chain, has entered into a
procurement agency agreement (the "Agreement") with Shenzhen
Jintongyuan Energy Storage Technology Co., Ltd. ("Jintongyuan") for
the strategic framework of procuring cobalt materials, the battery
energy storage raw materials. The total procurement value is set at
RMB1.2 billion (approximately
US$165 million). This strategic move
is expected to diversify the Company's service portfolio by
expanding the range of raw material categories and increase the
Company's presence in the renewable energy sector.
Pursuant to the Agreement, during the 12-month period,
Jintongyuan will commission Baiyu to purchase cobalt materials with
a monthly procurement quantity of RMB100
million (approximately US$14
million). Jintongyuan will pay Baiyu a 20% deposit within a
day of Baiyu's acceptance of the commission. Baiyu will also
receive agency service fee and fee for
fund occupation from Jintongyuan.
Cobalt, a vital component of battery energy storage, plays an
indispensable role in various application domains with its distinct
characteristics and advantages. The future development of battery
energy storage is intricately linked with the research and
advancement of cobalt and its associated application technologies.
Battery energy storage, renowned for its high energy density,
extended lifespan, rapid charge and discharge capabilities, and
environmental friendliness, has found wide-ranging applications in
energy storage and utilization. Cobalt, in turn, emerges as a
pivotal raw material within these batteries, holding a significant
position in the cathode materials of lithium-ion batteries and
cobalt oxide batteries. Cobalt's exceptional electrochemical and
physical properties contribute to efficient charge storage and
prolonged usage. Cobalt has the advantage of enhancing battery
capacity, efficiency, performance, stability, cycle life, and
charging speed.
Ms. Renmei Ouyang, the CEO of the
Company, stated, "We are excited to formalize the Agreement with
Jintongyuan, which underscores our reputation as a trusted supply
chain service provider. We see this partnership not only as a
result of our efforts to bolster revenue, but also as a significant
milestone in our expansion into the renewable energy sector. Moving
forward, we will continue to seek more partnership opportunities in
the renewable energy industry to solidify our role in this
burgeoning market and pave the way for long-term business growth.
"
About TD Holdings, Inc.
TD Holdings, Inc. is a service provider currently engaging in
the commodities trading business and supply chain service business
in China. Its commodities trading
business primarily involves purchasing non-ferrous metal products
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, involving 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; the occurrence of any event, change or other
circumstances; and other risks and uncertainties described herein,
as well as those risks and uncertainties discussed from time to
time in other reports and other public filings with the Securities
and Exchange Commission by TD Holdings, Inc. 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
View original
content:https://www.prnewswire.com/news-releases/td-holdings-inc-enters-into-a-us165-million-procurement-agency-agreement-301909002.html
SOURCE TD Holdings, Inc.