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TD Holdings, Inc. (Nasdaq: GLG) reported that its subsidiary, Shenzhen Tongdow Internet Technology Co., Ltd., achieved a record-breaking gross merchandise value (GMV) of RMB99 billion in Q1 2023, representing a 12.5% year-over-year growth. This achievement marks an increase of RMB11 billion compared to the previous year. Additionally, a report from Frost & Sullivan identified Tongdow as the top B2B e-commerce platform for non-ferrous metals, with a GMV of RMB440 billion. The company aims to enhance its services in global commodities trading and supply chains, further establishing its leadership in the e-commerce sector for bulk products.
TD Holdings, Inc. (Nasdaq: GLG) has announced a non-binding letter of intent (LOI) to acquire over 51% of Xinjiang Dede Xinyuan Environmental Protection Technology Co., Ltd. (XDX), an environmental management company focusing on tailings treatment. This acquisition will grant access to 200 million tons of asbestos tailings primarily composed of silicon dioxide and metallic magnesium. The goal is to expand TD Holdings' operations into refining these materials, enhancing service offerings in the non-ferrous metals sector. The purchase price will be finalized post-due diligence, and the transaction is expected to close by March 31, 2024, pending board approval and customary closing conditions. CEO Renmei Ouyang emphasized the acquisition's significance in promoting resource recycling and environmental protection.