With access to 200 million tons of asbestos
tailings aiming to refine silicon dioxide and metallic magnesium
new materials.
SHENZHEN, China, April 12,
2023 /PRNewswire/ -- TD Holdings, Inc. (Nasdaq:
GLG) (the "Company" or "TD Holdings"), a commodities trading
service provider in China, today
announced that it has entered into a non-binding letter of intent
(the "LOI") to acquire the equity interest of Xinjiang Dede Xinyuan
Environmental Protection Technology Co., Ltd. ("XDX"), an
environmental management company specialized in tailings treatment
and control solutions, with access to 200 million tons of asbestos
tailings, primarily composed of silicon dioxide metallic magnesium
elements. Through this proposed acquisition, the Company aims to
expand its operations to include the refining of silicon dioxide
and metallic magnesium new materials and provide value-added
services to its clients within the non-ferrous metals sector
through XDX's expertise in tailings treatment and control
solutions.
Pursuant to the terms of the LOI, the Company intends to acquire
more than 51% of the equity interest of XDX. The specific purchase
price shall be determined upon completion of the due diligence and
are subject to the final results of the financial audit and assets
valuation, and shall be set out in the definitive agreement to be
entered into by the relevant parties. The proposed acquisition will
be made through a private placement of shares by TD Holdings to XDX
with a lock-up period and shall be lifted in batches according to
XDX's performance commitment under the definitive agreement.
Assuming the satisfactory completion of its due diligence and
negotiation of the definitive agreement, the Company expects to
close the transaction by March 31,
2024. As the transaction proceeds, the Company will publicly
disclose required information either through press releases or SEC
filings, as appropriate.
Ms. Renmei Ouyang, the CEO of the
Company, commented, "We are thrilled to announce the LOI for the
proposed acquisition of XDX. As a prominent B2B e-commerce
commodities trading service provider and supply chain service
provider in China, the Company is
expected to further strengthen its advantages in the mineral
trading business and the integration of the industry resources upon
the completion of the proposed acquisition. The comprehensive
recycling of asbestos tailings is not only instrumental for
reducing waste of resources to enhance resource recycling, but also
beneficial for preventing environmental pollution and promoting
social harmony. It is of great significance for the transformation,
optimization and upgrading of the economic structure of
resource-based cities by pursuing the development of a recycling
economy, that is, a virtuous circle of 'reduction, high efficiency,
reuse and recycling'."
The completion of the transactions will depend on the outcome of
due diligence by the relevant parties, the negotiation and
execution of the definitive agreement, approval by the Company's
board of directors, and the satisfaction of other customary closing
conditions. It is important to note that there is no guarantee that
a definitive agreement will be reached or that the proposed
transaction will be completed. Readers are advised that the
portions of the LOI describing the proposed transaction, including
the consideration to be issued, are non-binding.
About Xinjiang Dede Xinyuan Environmental Protection
Technology Co., Ltd.
Xinjiang Dede Xinyuan Environmental Protection Technology Co.,
Ltd. focuses on the development of tailings treatment and control
solutions. Taking the example of asbestos tailings treatment, XDX
establishes a hazardous waste comprehensive utilization
environmental protection technology processing new material base
industrial park, creating a linkage between the government,
industry, academia, and research institutions. XDX's goal is to
guide the comprehensive utilization of tailings in China and worldwide, thereby stimulating
industrialization and promoting the development of the entire
economic system.
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
subsidiaries. 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, which 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
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content:https://www.prnewswire.com/news-releases/td-holdings-inc-announces-letter-of-intent-to-acquire-an-environmental-management-company-specialized-in-tailings-treatment-and-control-solutions-301795299.html
SOURCE TD Holdings, Inc.