Welcome to our dedicated page for BAIYU Holdings news (Ticker: GLG), a resource for investors and traders seeking the latest updates and insights on BAIYU Holdings stock.
BAIYU Holdings, Inc. (Nasdaq: GLG) is a leading commodities trading service provider headquartered in Shenzhen, China. Formerly known as TD Holdings, Inc., the company has recently undergone a significant transformation to expand its market presence and services.
The company primarily engages in the trading of non-ferrous metal products, purchasing these from upstream metal and mineral suppliers and selling them to downstream customers. Additionally, it offers a comprehensive supply chain service that integrates upstream and downstream enterprises, warehouses, logistics, information, and futures trading.
In a strategic move, the company has entered the renewable energy sector. Through its subsidiary Shenzhen Qianhai Baiyu Supply Chain Co., Ltd. ("Baiyu"), BAIYU Holdings has signed a procurement agency agreement with Shenzhen Jintongyuan Energy Storage Technology Co., Ltd. This agreement, valued at RMB1.2 billion (approximately US$165 million), focuses on procuring cobalt materials, vital for battery energy storage. This partnership underscores BAIYU's commitment to diversifying its service portfolio and increasing its presence in the renewable energy market.
Another notable development is the company's joint venture with Jintongyuan to establish Baiyu Energy Storage Technology Co. Ltd. in China. This venture will focus on developing high-performance energy storage batteries, particularly targeting the Southeast Asian market.
On October 27, 2023, BAIYU Holdings announced its plans to change its name from TD Holdings, Inc. to BAIYU Holdings, Inc., and its ticker symbol from GLG to BYU. The company will also effect a 1-for-50 reverse stock split to comply with the Nasdaq Capital Market's listing requirements.
BAIYU Holdings is dedicated to providing secure and reliable green energy solutions, focusing on fields such as clean energy, smart power, and fast-charging stations. With a strong emphasis on quality and safety, the company aims to offer integrated new energy solutions and operations worldwide.
For more information, please visit http://ir.tdglg.com.
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.
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