The anticipated annual capacity gain of the Project is expected to reach US$412 million
SHENZHEN, China, Aug. 28, 2023 /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 agreement (the "Agreement") with Shenzhen Jintongyuan Energy Storage Technology Co., Ltd. ("Jintongyuan"), a leading tech enterprise specializing in the R&D and production of high-performance energy storage batteries in China, to develop a storage battery project(the "Project") in southeast Asia. The Project represents the Company's ambition of stepping into the renewable energy storage battery market of southeast Asia.
Pursuant to the strategic framework, both parties agree to establish a joint venture (the "JV") named Baiyu Energy Storage Technology Co. Ltd. in China. The Company and Jintongyuan will hold a 51% and a 49% equity interest of the JV, respectively. The Company agrees to take in charge of marketing and sales of the Project and Jintongyuan agrees to take in charge of R&D and energy storage battery production of the Project. Once completed, the anticipated annual capacity gain of the Project is expected to reach RMB 3.0 billion (approx. US$412 million), which will significantly boost the Company's gain and performance in the foreseeable future.
In this strategic partnership, Southeast Asia is in the spotlight, thanks to its sizable population, booming economy, and business-friendly policies. Jintongyuan, already a frontrunner in battery innovation, plans to power industries from electric cars and transportation to healthcare, smart homes, and smart lighting.
Ms. Renmei Ouyang, CEO of TD Holdings, Inc., shared her enthusiasm, and stated, "Our strategic partnership with Jintongyuan is designed to strengthen our foothold in the global renewable energy market. By focusing on the development and deployment of advanced energy storage batteries, we aim to bolster our profitability and establish a technology-driven ecosystem in the renewable energy sector. This approach ensures that our customers benefit from competitive, high-quality energy storage solutions."
About Shenzhen Jintongyuan Energy Storage Technology Co., Ltd.
Shenzhen Jintongyuan Energy Storage Technology Co., Ltd. stands as a leading tech enterprise specializing in the R&D and production of high-performance energy storage batteries. With a commitment to offering comprehensive solutions for global new energy storage systems and specialized domains, their product range spans sectors including electric vehicles, transportation, healthcare, smart homes, energy storage, and intelligent lighting. Upholding values of exceptional integrated development and design, optimal cost control paired with a quality-first approach, and efficient marketing strategies, Jintongyuan ensures both domestic and international clients benefit from safe, lightweight, and reliable green energy products.
About TD Holdings, Inc.
TD Holdings, Inc. is a service provider currently engaging in the commodities trading business and supply chain service business in China. Its commodities trading business primarily involves purchasing non-ferrous metal products 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, involving 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; the occurrence of any event, change or other circumstances; and other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission by TD Holdings, Inc. 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
