TD Holdings Inc. (NASDAQ: GLG) stock gains by 5.01% in the current market trading session. TD Holdings, Inc. is a service provider in China that specializes in commodities trading and supply chain management. Its commodity trading business entails buying nonferrous metals from upstream metal and mineral sources and then selling them to downstream clients.
GLG’s supply chain service has largely functioned as a one-stop commodities supply chain service and digital intelligence supply chain network for upstream and downstream companies, warehouses, logistics, data, and futures trading.
What is happening?
TD Holdings revealed the signing of a trade cooperation agreement with the Yangpu Economic Development Zone’s management committee through its fully owned subsidiary Hainan Baiyu Cross-border E-commerce Co. In order to grow TD Holding’s commodities trading business, it is Hainan’s largest economic zone and China’s first national-level development zone to be completely developed by foreign investors, with favorable regulations for bonded zones. Until December 31, 2022, the Agreement will be in operation.
TD Holdings agreed to start its commodity trading business in the Yangpu Economic Development Zone, and the Yangpu Economic Development Zone’s management committee consented to grant the Company preferential policies such as tax relief, financial support, and rental subsidies, among other things, as part of the Agreement.
Ms. Renmei Ouyang, the Chief Executive Officer stated,
They’re thrilled to work with Hainan’s largest economic zone since they’ll be able to take advantage of favorable policies. Looking ahead, they are optimistic in their ability to strengthen their market position in Hainan and expand their trade horizons. They intend to use their cross-border e-commerce business to investigate the Southeast Asian market and raise their brand awareness in the commodities trading industry there.