TD Holdings, Inc. Enters into a US$165 Million Procurement Agency Agreement

Provided By PR Newswire

Last update: Aug 24, 2023

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.