TD Holdings, Inc. Announces New Strategic Alliance to Develop Intelligent Automobile System Business
TD Holdings, Inc. (Nasdaq: GLG) announced on December 22, 2021, a strategic cooperation framework agreement with Shanghai Eagsen Intelligent Technology Co., Ltd. to develop intelligent automobile systems and digital cloud warehousing. Under the agreement, Eagsen will leverage its automotive communication technologies while TD Holdings will provide funding. The joint intellectual properties will be owned by both parties. The partnership aims to capitalize on the anticipated growth of connected vehicles in China, expected to rise from 166 million in 2021 to 383 million by 2025.
- Formation of a strategic alliance with Eagsen to develop intelligent automobile systems.
- Joint ownership of intellectual properties offers potential for innovative advancements.
- Partnership targets a growing market, with connected vehicles projected to reach 383 million by 2025 in China.
- None.
SHENZHEN, China, Dec. 22, 2021 /PRNewswire/ -- TD Holdings, Inc. (Nasdaq: GLG) (the "Company"), a commodities trading service provider in China, today announced that it has entered into a strategic cooperation framework agreement (the "Agreement") on December 20, 2021 with Shanghai Eagsen Intelligent Technology Co., Ltd. ("Eagsen"), a leading company engaging in research and development ("R&D") of automotive informatization and intelligence.
Pursuant to the Agreement, the Company and Eagsen agree to jointly develop the intelligent automobile system and digital cloud warehouse business. Eagsen agrees to provide consulting support for the development of an intelligent automobile system by leveraging its automobile communication technologies while the Company provides the necessary funding for its development. The intellectual properties developed through the cooperation shall be jointly owned by both parties. Both parties agree to consider expanding their cooperation further by utilizing the financing advantages of the Company as a U.S.-listed company. The parties plan to enter into a definitive agreement with details of the cooperation in the future.
Ms. Renmei Ouyang, the Chief Executive Officer of the Company, commented, "Eagsen is a highly qualified partner and its expertise will be a strong foundation for the joint development of the Company's intelligent automobile system platform. This is a great step for the development of our new potential business in the field of intelligent automobile system and digital cloud warehousing platform. According to EqualOcean's data, the number of vehicles with Internet of Vehicle is expected to reach 383 million in 2025 from 166 million in 2021 in China. We believe our strategic partnership will enable us to seize market initiative and gain market share in the automobile industry. We are excited about the partnership and plan to bring this intelligent automobile system to the market."
About Shanghai Eagsen Intelligent Technology Co., Ltd.
Established in Shanghai, China, Shanghai Eagsen Intelligent Technology Co., Ltd. ("Eagsen") is a high technology company engaging in R&D of automotive informatization and intelligence. Eagsen is founded by an information technology elite team led by Mr. Feng Zhang. Eagsen is one of the first companies engaged in the R&D of in-vehicle systems in the world. Eagsen's products include "Eagsen Automotive Desktop," "Eagsen Autolink" and "Eagsen App Store." As an in-vehicle commercial application platform, Eagsen is committed to providing global car owners with new services based on the in-vehicle environment.
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. 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. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: there is uncertainty about the spread of the COVID-19 virus and the impact it will have on the Company's operations, the demand for the Company's products and services, global supply chains and economic activity in general. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. 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.
For more information, please contact:
Ascent Investor Relations LLC
Ms. Tina Xiao
Email:tina.xiao@ascent-ir.com
Tel: +1 917 609 0333
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SOURCE TD Holdings, Inc.
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