GLG - TD Holdings to acquire Tongdow

TD Holdings (GLG) has entered into a non-binding letter of intent to acquire China based, Tongdow E-Commerce Group (Tongdow), a B2B digital e-commerce platform for commodities trading and integrated supply chain services.Under the terms of the LOI, the Company will acquire control and economic interest of Tongdow pursuant to certain VIE arrangements and the equity owners of Tongdow will receive a combination of restricted shares and cash payment as consideration.The transaction is aimed to transform the Company's bulk commodities trading platform using digital technology and to improve the Company's profitability. Upon completion completion of the planned acquisition, the Company's goal is to build an ecosystem of digital e-commerce platforms through digital management, operation of global commodities, layout of 5G smart-warehouses, and to provide in-depth services that meet the various needs of its customers.The financial terms are currently not disclosed.Shares are up 1.8% PM.

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TD Holdings to acquire Tongdow