As of last check in premarket trading, TD Holdings Inc. (GLG) shares had gained 3.9% to $0.8. In the last trading session, GLG stock decreased -2.53% or -$0.02 to $0.77. During the session, GLG stock fluctuated between $0.751 and $0.80. GLG stock exchanged 0.54 million shares in the session, lower than the company’s 50-day daily volume of 5.29 million and lower than its year-to-date volume of 2.53 million.
GLG stock price has declined -75.08% over the past 12 months, and in the last week it has risen 1.96%. GLG stock has dropped by -70.16% over the last six months, and by -39.37% over the last three months. GLG stock price has fallen -51.57% so far this year. Following an announcement that it would form a partnership with a technology development zone, GLG stock levels off.
Who is GLG partnering with?
A China-based service provider, TD Holdings engages in commodities trading and supply chain management. As a commodities trader, GLG primarily deals in non-ferrous metals and minerals purchased from upstream metal suppliers and then marketed downstream. A major function of GLG’s supply chain service business is to serve as a one-stop factory management platform and digital supply chain platform for manufacturers and suppliers, warehouses, future trading and logistics.
A strategic cooperation agreement was signed by TD Holdings with the management committee of Yangzhou Economic & Technological Development Zone (the “Zone”), a major economic and technological development zone in China. Yangzhou Baiyu Venture Capital Co., Ltd. was established in the Zone as part of the Agreement between GLG and Yangzhou Baiyu Capital.
Furthermore, the zone’s management committee approved GLG’s preferences including tax reductions and financial subsidies, rental subsidies, etc. Due to its access to preferential policies, GLG is positioned to form a partnership with the zone’s management committee. In this newly established subsidiary, GLG plans to introduce a system for payment and settlement of online commodities trading.
More payment and settlement options are expected to be available to customers on the GLG platform. GLG anticipates the platform will accept a variety of currencies, including RMB, Bitcoin, and other digital currencies. GLG plans to offer a variety of settlement and payment options to customers trading in global commodities.
GLG Stock made a similar move:
Recent negotiations led to a trade cooperation agreement between TD Holdings (GLG) and the Yangpu Economic Development Zone management committee. Hainan’s largest economic zone and China’s first national-level development zone to be developed by foreign investors benefits from preferential policies for bonded zones, and is used to expand the GLG’s commodity trading business. GLG has inked the Agreement through its wholly owned subsidiary Hainan Baiyu Cross-border E-Commerce Co., Ltd. (“Baiyu”). The agreement will be effective till December 31, 2022.
