TD Holdings, Inc. (Nasdaq: GLG) (the “Company”), a commodities trading service provider in China, today announced that the Company entered into a strategic cooperation framework agreement (the “Agreement”) on September 17, 2021 with Guangdong Enterprise Investment Promotion association (“GEIP”), a not-for-profit organization founded by leading enterprises, financial institutions, investment institutions, and government investment promotion agencies, in Guangdong province.
Pursuant to the Agreement, the Company plans to develop a lightweight new materials business in China. GEIP agrees to provide assistance and services to the Company by using its extensive resources, assisting the Company with launching its lightweight new material business, jointly establish an industry guidance fund with local governments, as well as launching the Company’s smart digital cloud warehouse. The parties plan to enter into a definitive agreement with details of the cooperation in the future.
Ms. Renmei Ouyang, the Chief Executive Officer of the Company, commented, “It is our honor to cooperate with GEIP. According to the International Energy Agency’s Global Electric Vehicle Outlook, the global electric vehicle fleet across all transport modes (excluding two/three-wheelers) shall expand from over 11 million in 2020 to almost 145 million vehicles by 2030, an annual average growth rate of nearly 30%. With the growth of the electric vehicle market, this cooperation will provide opportunities for the Company to develop the lightweight new materials business and build a new material supply chain for the electric vehicles industry.”