TD Holdings Looks To Acquire Jinbochuang, Jinmeike For New Energy Vehicle Industry Debut

July 16, 2021 6:40 AM | 1 min read | Make a Comment

Chinese commodities trading service provider TD Holdings Inc GLG inked a non-binding letter of intent with Guangdong Jinbochuang Special Purpose Vehicle Co., Ltd, Hunan Jinmeike New Material Co., Ltd, and their shareholders to acquire both Jinbochuang and Jinmeike.
The financial terms of the transaction remain undisclosed.
TD Holdings aimed to step into the automated logistics and new energy vehicle industry via acquisitions.
TD Holdings expect to incorporate lightweight new materials, applications, and lightweight trucks into its global industry chain.
TD Holdings held $2.97 million in cash and equivalents as of Sep. 30, 2020.
Price action: GLG shares traded higher by 13.3% at $0.92 in the premarket session on the last check Friday.