TD Holdings, Inc. Completes Acquisition of Digital Cloud Warehouse Software Copyrights in Commodity Storage

Rhea-AI Summary

TD Holdings, Inc. (Nasdaq: GLG) has announced the completion of an acquisition of eight software copyrights pertaining to commodities storage in digital cloud warehousing through its subsidiary, Tongdow Hainan. The acquisition enhances its cryptocurrency payment and settlement capabilities and includes software systems aimed at improving warehouse order tracking and management. The company plans to leverage blockchain and IoT technologies to enhance supply chain efficiency and security. This move positions TD Holdings for growth in the digital commodities trading sector.

Positive

• Acquisition of eight software copyrights enhances digital cloud warehousing capabilities.
• Improvement in efficiency and security through blockchain and IoT technologies.
• Strengthens cryptocurrency payment options for commodity trades.

Negative

• Integration challenges related to new technologies might arise.
• Dependence on the fluctuating demand for digital currency transactions.

SHENZHEN, China, June 30, 2021 /PRNewswire/ -- TD Holdings, Inc. (Nasdaq: GLG) (the "Company"), a commodities trading service provider in China, today announced that its subsidiary Tongdow (Hainan) Data Technology Co., Ltd. ("Tongdow Hainan") has completed the acquisition of eight software copyrights for commodities storage in digital cloud warehousing. The Company previously announced on February 17, 2021 that Tongdow Hainan entered into a letter of intent with Yunfeihu IoT Co., Ltd. ("Yunfeihu") and Tongdow E-commerce Group Co., Ltd. ("Tongdow E-commerce") to acquire the copyrights. The ownership of software copyrights has now been fully transferred to Tongdow Hainan, which marks the Company's entrance into a substantive stage in the development of the ecosystem of payment and settlement using cryptocurrency. 

Tongdow Hainan acquired the following eight software copyrights: Smart Hardware Management Platform System 3.0, Smart Storage System Management Software, Lecheng Smart HD Video Conference System V1.0, Smart Storage APP system, Flat Panel Vehicle APP System, Smart Storage Hands-Held Device APP System, Statistical Management of Account Transfer Fees of Warehouse Orders System V3.0, and Supply Chain Finance OA System V1.0.

The Company aims to empower its existing digital cloud warehousing system with these blockchain technologies to provide support for more diversified settlement channels for commodity trades, such as payments by Bitcoin or other encrypted currencies. Meanwhile, such blockchain as well as internet of things (IoTs) technologies shall be applied to improve the efficiency of the Company's warehouse order tracking system in order to standardize order management to better prevent errors and cause orders to be more easily traceable.

The innovations would ensure a detailed recording of the trading, account transfer and other information such as place of origins as well as quality control of the goods in consideration, which effectively digitalizes the entire supply chain process and creates a safe environment for inventory management and financing activities that require precise information on the production, sales and other goods-related data based on the cloud warehousing system. Blockchain and IoTs technologies help verify ownership of goods and turn physical assets into highly efficient and secure digital assets.

The Company will continue to increase the acquisition and R&D of technical software copyrights and patented technologies in digital cloud warehousing, commodity digital transactions and digital currency settlements. The Company strives to take a global leading position in blockchain technology, IoTs technology and digital cloud warehousing technology which will become the foundation for the Company's rapid development in the future.

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

View original content:https://www.prnewswire.com/news-releases/td-holdings-inc-completes-acquisition-of-digital-cloud-warehouse-software-copyrights-in-commodity-storage-301321772.html

SOURCE TD Holdings, Inc.

FAQ

What software copyrights did TD Holdings acquire?

TD Holdings acquired eight software copyrights, including systems for smart storage management and supply chain finance.

How does the acquisition impact GLG's business?

The acquisition enhances GLG's capabilities in cryptocurrency payments and improves order tracking and management in its digital cloud warehousing.

When was the acquisition completed?

The acquisition was completed on June 30, 2021.

What future plans does TD Holdings have after this acquisition?

TD Holdings plans to continue acquiring and developing technical software copyrights and technologies within digital cloud warehousing and commodity transactions.

Why is the acquisition significant for TD Holdings?

The acquisition is significant as it positions TD Holdings to take a leading role in blockchain and digital cloud warehousing technology.