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

  • 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.
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