TD Holdings, Inc. Enters into Non-Binding Letter of Intent to Acquire Shenzhen Tongdow Internet Technology Co., Ltd.
TD Holdings, Inc. (GLG)
Company Research
Source: PR Newswire
SHENZHEN, China, Nov. 24, 2021 /PRNewswire/ -- TD Holdings, Inc. (Nasdaq: GLG) (the "Company"), a commodities trading service provider in China, today announced that it has entered into a non-binding letter of intent (the "LOI") with Shenzhen Tongdow Internet Technology Co., Ltd. ("STIT"), a China's leading integrated service provider for an online to offline e-commerce commodities trading platform.Pursuant to the LOI, the Company agreed to acquire between 30% to 65% of the equity interests of STIT in exchange for a certain amount of cash to be determined based on the Company's further due diligence and the parties' negotiation. Both parties agree that equity value of STIT is estimated to be between $145 million and $180 million. Management expects the acquisition be completed no later than June 30, 2022, assuming satisfactory due diligence results and the entry into a definitive agreement between the parties. The acquisition will be a related party transaction and therefore the clos
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