TD Holdings, Inc. Announced to Enter into Digital Cloud Storage Business
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.
- Establishment of a subsidiary for digital cloud storage, enhancing risk management in commodities trading.
- Shift to commodity trading and supply chain services has proven to be a stable revenue source since November 2019.
- Integration of advanced technologies like IoT and blockchain for improved trading efficiency.
- None.
SHENZHEN, China, Aug. 19, 2020 /PRNewswire/ -- TD Holdings, Inc. (Nasdaq: GLG) (the "Company"), a commodities trading service provider in China announced to establish a wholly-owned subsidiary Tongdow (Hainan) Data Technology Co., Ltd. in Hainan Province, China, officially launching the development and operation of a digital cloud storage for commodities trading business.
TD Holdings, Inc. officially made commodity trading and supply chain services its main business in November 2019. The latest quarterly report shows that the company's main source of income comes from commodity trading and distribution services.
The launching of the digital cloud storage business will effectively solve the problems of shortage of funds and risk management of financial institutions, as well as enhance the security of physical transactions and delivery of commodities.
Ms. Renmei Ouyang, CEO, President and Chairwoman of the Board, said with confidence "We, TD Holdings, Inc. will comprehensively build a package of commodity supply chain service system based on the organic integration of trade, logistics, finance, and information. Relying on digital cloud storage and technologies based on the Internet of Things and blockchain, TD Holdings, Inc. will vigorously open a blue ocean market for global commodity trading, settlement, fee settlement and supply chain finance. The Industrial Internet will be the future biggest outlet in 10 years. The digitalization of industries and the standardization of commodities are the key to promote the industrial Internet."
About TD Holdings, Inc.
TD Holdings, Inc. (Nasdaq: GLG) is a commodities trading service provider in China. The commodities trading business is conducted under the brand name "Huamucheng" by the Company's VIE entity, Shenzhen Huamucheng Trading Co., Ltd. For more information please visit http://ir.tdglg.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of TD Holdings, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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SOURCE TD Holdings, Inc.
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