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TD Holdings, Inc. (Nasdaq: GLG) announced its financial results for the nine months ending September 30, 2020, reporting a significant transition to commodities trading due to COVID-19 related challenges. The company generated $7.21 million in revenues during Q3 2020, with a net income of $4.17 million, reversing the $0.26 million loss from Q3 2019. Year-to-date revenues reached $12.39 million, alongside a net income of $0.22 million. Shareholders' equity increased to $93.9 million, up 1,518.97% from the previous year, demonstrating strong financial recovery and growth prospects in its commodities trading business.
TD Holdings, Inc (NASDAQ: GLG) announced its formal acquisition of Shenzhen Qianhai Baiyu Supply Chain Co., Ltd. on October 26, 2020, for 95.7 million USD. The payment will be completed over two years based on performance benchmarks for 2020 and 2021. Baiyu, established in 2016, specializes in a full range of commodities and achieved a revenue of 33.11 million USD in the first half of 2020. The acquisition aims to strengthen TD Holdings' entry into the commodity supply chain market and enhance its digital supply chain platform, targeting growth of 30% to 50% in the next five years.
TD Holdings, Inc. (Nasdaq: GLG) announced a strategic agreement with Tongdow E-commerce, facilitated by its subsidiary Shanghai Jianchi. This partnership aims to enhance commodity trading services by launching an online payment platform for transactions. The initiative leverages JD Digits Technology Group's expertise in digital finance, aiming to streamline supply chain management and financial services for clients. Future collaborations are planned to develop integrated solutions in payment processing and supply chain financing, benefiting commodity trading companies.
TD Holdings, Inc. (Nasdaq: GLG) announced the establishment of a wholly-owned subsidiary in Hainan Province, focusing on digital cloud storage for commodities trading. This expansion aims to enhance financial risk management and improve security in commodity transactions. Since shifting to commodity trading and supply chain services in November 2019, the company has reported increased revenues from these areas. CEO Renmei Ouyang emphasized the integration of trade, logistics, and finance through advanced technologies like IoT and blockchain, aiming to tap into the growing industrial Internet market.
TD Holdings, Inc. (Nasdaq: GLG) reported financial results for the six months ending June 30, 2020, with revenues from commodities trading reaching $5.19 million, a significant increase amid the COVID-19 pandemic. The company recorded a net loss of $4.50 million, compared to $2.87 million in the same period last year. The earnings per share improved, showing a loss of $0.15 versus $0.45 year-over-year. The company raised $66 million through convertible notes and warrants, enhancing shareholder equity to $88.8 million by June 30, 2020.
TD Holdings, Inc. (Nasdaq: GLG) reported its Q1 2020 financial results, revealing a net loss of $0.14 million, significantly reduced from $1.83 million in Q1 2019. The company's income from commodities trading reached $1.47 million, driven by $1.05 million from sales and $0.42 million from supply chain management services. Total cost of revenue soared 386% to $1.16 million. The company had $27,101 in cash as of March 31, 2020, a decrease from $2.45 million at the end of 2019. The impact of COVID-19 resulted in the closure of car rental facilities and minimal operating lease income.