Bat Group, Inc. Enters into Memorandum of Understanding with Regional Commercial Bank to Accelerate Business Expansion to New Regions
TD Holdings, Inc. (GLG)
Company Research
Source: GlobeNewswire
BEIJING, June 20, 2019 (GLOBE NEWSWIRE) -- Bat Group, Inc. (Nasdaq: GLG) (the "Company"), an emerging used luxurious car rental service provider headquartered in Beijing, China, today announced that the Company, through its wholly owned subsidiary Beijing Tianxing Kunlun Technology Co., Ltd., has entered into a strategic cooperation memorandum of understanding (the “Memorandum”) with Shuangtaizi Rural Credit Cooperative Union (“SRCCU”), a regional commercial bank based in Panjin City, Liaoning, to accelerate the Company’s business expansion to new regions. SRCCU currently has 16 branches throughout the city of Panjin, Liaoning province. SRCCU is positioned as “serving small and medium-sized enterprises, and local residents,” to support the local economy. Pursuant to the Memorandum, SRCCU agrees to issue the Company a credit line of up to US$580 million. The Company agrees to use the proceeds from the line to purchase luxury cars, expand its operations and satisfy other working cap
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