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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 its financial results for the year ended December 31, 2022. Total revenue was $156.84 million, declining 22% from $201.13 million in 2021. Despite this, the company achieved a net income of $4.25 million, compared to a net loss of $0.94 million the previous year. Earnings per share were $0.08 for basic and $0.07 diluted. Cost of revenue fell 21% to $155.80 million. Interest income surged 69% to $17.04 million, driven by increased loans to vendors. The company had cash and equivalents of $0.89 million at year-end, down from $4.31 million in 2021.
TD Holdings, Inc. (Nasdaq: GLG), a commodities trading service provider in China, announced that its subsidiary Shenzhen Qianhai Baiyu Supply Chain Co., Ltd. received the '2022 China (Industry) Leading Enterprise' award. CEO Renmei Ouyang was honored as the '2022 China (Industry) Outstanding Entrepreneur' at the Boao Enterprise Forum held in Hainan from January 4-5, 2023. The Forum emphasizes enterprise vitality and innovation, providing a platform for cooperation among entrepreneurs, aiming to enhance economic reporting and services.
TD Holdings, Inc. (Nasdaq: GLG) reported its Q3 2022 financials, revealing total revenue of $37.89 million, down 31% from $54.77 million in Q3 2021. However, net income rose to $1.30 million from $0.46 million in the same quarter last year. For the nine months ending September 30, 2022, revenue totaled $139.73 million, a decrease of 3% from $144.20 million in 2021, with net income of $4.32 million compared to a loss of $0.72 million. The company faces challenges due to COVID-19 but is focused on brand growth and operational efficiency.
TD Holdings, Inc. (GLG) announced on October 18, 2022, an exclusive option and ten-year business cooperation agreement to acquire a 65% stake in Shenzhen Tongdow Internet Technology Co., Ltd. for RMB650 million ($92 million). This acquisition is expected to enhance TD Holdings' presence in global commodities trading by leveraging STIT's leading e-commerce platform, Tongdow.com, which has over 150,000 customers and a transaction volume exceeding RMB1 trillion ($157 billion). Completion of the acquisition is anticipated within a month, pending a fairness opinion and valuation report.
TD Holdings, Inc. (Nasdaq: GLG) announced on September 1, 2022, that it has regained compliance with Nasdaq's Minimum Bid Price Requirement per Listing Rule 5550(a)(2). After receiving a deficiency notice in September 2021 due to a closing bid price below $1.00, the company demonstrated compliance by maintaining a closing bid price of $1.00 or greater for 10 consecutive business days starting August 17, 2022. This compliance means the matter is now closed, ensuring the company's continued listing on Nasdaq.
TD Holdings, Inc. (Nasdaq: GLG) announced that its common stock commenced trading on a reverse stock split-adjusted basis on August 17, 2022. This move aims to comply with Nasdaq's minimum bid price requirements. The reverse stock split will result in every five shares being consolidated into one new share, with no fractional shares issued. The new CUSIP number is 87250W202. Details can be found in the definitive proxy statement filed with the SEC on August 1, 2022.
TD Holdings, Inc. (GLG) reported its Q2 2022 financial results, highlighting a 10% decrease in total revenue at $53.68 million, down from $59.84 million in Q2 2021. However, net income rose to $1.43 million compared to $0.36 million the previous year. For the first half of 2022, total revenue increased 14% to $101.84 million, with net income of $3.02 million, reversing a net loss from the prior year. The company emphasizes strategic expansion and expense management to drive future growth.
TD Holdings (GLG) reported a revenue increase of 63% year-over-year, reaching $48.16 million in Q1 2022, up from $29.58 million in Q1 2021. The company achieved net income of $1.59 million compared to a net loss of $1.54 million in the same quarter last year. Basic earnings per share improved to $0.01 from a loss of $0.02. While selling, general, and administrative expenses rose by 43% to $2.25 million, interest income surged by 109% to $4.39 million, reflecting strong operational performance amid a challenging environment.
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