Benzinga | Aug 4, 2021 08:17AM EDT

TD Holdings, Inc. Earlier Announced Partnership Agreement With The Management Committee Of Yangzhou Economic & Technological Development Zone; Financial Details Not Disclosed

TD Holdings, Inc. (Nasdaq: GLG) (the "Company"), a commodities trading service provider in China, today announced that the Company has entered into a strategic cooperation agreement (the "Agreement") with the management committee of the Yangzhou Economic & Technological Development Zone (the "Zone"), a national level economic and technological development zone in China.

Pursuant to the Agreement, the Company agreed to establish its new wholly-owned subsidiary Yangzhou Baiyu Venture Capital Co., Ltd. in the Zone and the management committee of the Zone agreed to grant the Company preferential policies including financial subsidies, tax relief, financial support, rental subsidies, etc.

Ms. Renmei Ouyang, the Chief Executive Officer commented, "We are excited to partner with the management committee of the Zone as we will have access to preferential policies. Looking forward, we plan to launch a blockchain payment and settlement platform for online commodity trading through this newly established subsidiary. The platform is expected to provide customers with more payment and settlement options. We expect the platform to be designed to accept a variety of currencies including RMB, Bitcoin and other digital currencies. We expect to start offering a variety of payment and settlement options to provide quality services to global commodity trading customers."