TD Holdings, Inc. (NASDAQ: GLG) (the “Company”), a commodities trading service provider in China, today announced that the Company entered into a strategic cooperation framework agreement (the “Framework Agreement”) with Sinotech Minerals Exploration Co., Ltd (“Sinotech”), a state-controlled company engaged in the exploration and development of commercial mineral resources and exploit global mineral resources.
Pursuant to the Framework Agreement, the parties established a framework for guidance purposes and indicated their intentions to enter into definitive agreements in the future for various projects. The parties agree to cooperate closely on the exploration and development of domestic and foreign mining projects, and regularly exchange information and share opportunities for cooperation in mining projects. Sinotech agrees to act as a technical professional consultant for the Company’s mining development by leveraging its advantages, personnel and experience in mineral exploration, mining and processing, and the mineral market.
Ms. Renmei Ouyang, Chairwoman and Chief Executive Officer of TD Holdings, commented, “We are excited to enter into the strategic alliance with Sinotech. Currently, our commodity trading business is mainly purchasing non-ferrous metal products from suppliers and then selling them to our customers. The supply chain service business is mainly serving as a one-stop commodity supply chain service and a digital intelligence supply chain platform integrating upstream and downstream enterprises, warehouses, logistics, information, and futures trading. The Framework Agreement enables us to leverage our own advantages to integrate and develop global mineral resources through close cooperation with Sinotech in the exploration and development of mining projects and consolidate the Company’s position and influence in the mining field. Exploiting global mineral resources is in line with our global growth strategy. In the next 5-10 years, we expect to gradually acquire the mining rights and ownership of multiple metal mines, expand our business to the integration of upstream resources, and improve our overall profitability.”
About TD Holdings, Inc.
TD Holdings, Inc. is a service provider currently engaging in commodity trading business and supply chain service business in China. Its commodities trading business primarily involves purchasing non-ferrous metal product 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.