{"id":380834,"date":"2020-11-13T08:48:27","date_gmt":"2020-11-13T13:48:27","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=380834"},"modified":"2020-11-13T08:48:27","modified_gmt":"2020-11-13T13:48:27","slug":"td-holdings-inc-reports-third-quarter-2020-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/td-holdings-inc-reports-third-quarter-2020-financial-results\/","title":{"rendered":"TD Holdings, Inc. Reports Third Quarter 2020 Financial Results"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">SHENZHEN, China<\/span>, <span class=\"xn-chron\">Nov. 13, 2020<\/span> \/PRNewswire\/ &#8212; TD Holdings, Inc.\u00a0(Nasdaq: GLG) (the &#8220;Company&#8221;),\u00a0a commodities trading and supply chain management service provider in\u00a0China\u00a0today announced its financial results for the nine months ended\u00a0September 30, 2020.<\/p>\n<p>Affected by the ongoing outbreak of the COVID-19, the Company expected its used luxurious car leasing business to be subject to continuous losses due to the closure of stores. As a result, the Company sold the used luxurious car leasing business in <span class=\"xn-chron\">August 2020<\/span> and\u00a0focus on the commodities trading and its complementary business.<\/p>\n<p>Mrs. <span class=\"xn-person\">Renmei Ouyang<\/span>, the Chief Executive Officer of the Company, stated, &#8220;We are pleased to report our financial results for the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span>. We started our commodities trading business in late 2019. We have successfully achieved net income from our continuing operations in the third quarter of 2020. We plan on\u00a0continuing to develop our commodities trading business in terms of volume, revenues and net profit, and increase its value to our stockholders. In addition, our recent acquisition of Shenzhen Qianhai Baiyu Supply Chain Co., Ltd. has laid a solid foundation for us to further expand our supply chain business in areas including warehousing, logistics, processing, and providing supply chain financing to downstream clients. We expect Qianhai Baiyu to synergize well with Huamucheng&#8217;s existing operations as the two businesses will be able to share customer resources and sales channels, increasing our cost efficiency.&#8221;<\/p>\n<p>\n        <b>Financial Highlights<\/b>\n      <\/p>\n<p>\n        <i><br \/>\n          <u>In the quarter ended <span class=\"xn-chron\">September 30, 2020<\/span><\/u><br \/>\n        <\/i>\n      <\/p>\n<ul type=\"disc\">\n<li>Revenues from commodities trading business was <span class=\"xn-money\">$7.21 million<\/span>, consisting of <span class=\"xn-money\">$3.68 million<\/span> from sales of commodities products, and <span class=\"xn-money\">$3.53 million<\/span> from supply chain management services for the quarter ended <span class=\"xn-chron\">September 30, 2020<\/span>; <\/li>\n<li>Net income from continuing operations was <span class=\"xn-money\">$4.17 million<\/span>, as compared with net loss from continuing operations of <span class=\"xn-money\">$0.26 million<\/span> for the same period ended <span class=\"xn-chron\">September 30, 2019<\/span>. Net income was <span class=\"xn-money\">$1.18 million<\/span>, as compared with net loss of <span class=\"xn-money\">$0.39 million<\/span> for the same period ended <span class=\"xn-chron\">September 30, 2019<\/span>; <\/li>\n<li>Basic and diluted earnings per share from continuing operations was <span class=\"xn-money\">$0.07<\/span>, compared with basic and diluted loss per share from continuing operations of <span class=\"xn-money\">$0.03<\/span> for the same period ended <span class=\"xn-chron\">September 30, 2019<\/span>. Basic and diluted earnings per share was <span class=\"xn-money\">$0.02<\/span>, compared with basic and diluted loss per share of <span class=\"xn-money\">$0.05<\/span> for the same period ended <span class=\"xn-chron\">September 30, 2019<\/span>; and <\/li>\n<li>Shareholders&#8217; equity as of <span class=\"xn-chron\">September 30, 2020<\/span> was <span class=\"xn-money\">$93.9 million<\/span>, an increase of 1,518.97% compared with <span class=\"xn-money\">$5.8 million<\/span> as of <span class=\"xn-chron\">December 31, 2019<\/span>.<\/li>\n<\/ul>\n<p>\n        <i><br \/>\n          <u>In the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span><\/u><br \/>\n        <\/i>\n      <\/p>\n<ul type=\"disc\">\n<li>Revenues from commodities trading business was <span class=\"xn-money\">$12.39 million<\/span>, consisting of <span class=\"xn-money\">$6.30 million<\/span> from sales of commodities products, and <span class=\"xn-money\">$6.09 million<\/span> from supply chain management services for the quarter ended <span class=\"xn-chron\">September 30, 2020<\/span>; <\/li>\n<li>We raised funds aggregating <span class=\"xn-money\">$30 million<\/span> from issuance of convertible notes, accompanied by warrants to purchase 20,000,000 shares of Common Stock issuable upon exercise of the warrants at an exercise price of <span class=\"xn-money\">$1.80<\/span>, and raised <span class=\"xn-money\">$36 million<\/span> from the holders of convertible notes upon their conversion of the convertible notes and exercise of the warrants. We therefore incurred noncash amortization of beneficial conversion feature of <span class=\"xn-money\">$3.4 million<\/span> and amortization of relative fair value of warrants of <span class=\"xn-money\">$3.06 million<\/span>; <\/li>\n<li>Net income from continuing operations was <span class=\"xn-money\">$0.22 million<\/span>, as compared with net loss from continuing operations of <span class=\"xn-money\">$2.12 million<\/span> for the same period ended <span class=\"xn-chron\">September 30, 2019<\/span>. Net loss was <span class=\"xn-money\">$3.32 million<\/span>, as compared with <span class=\"xn-money\">$3.26 million<\/span> for the same period ended <span class=\"xn-chron\">September 30, 2019<\/span>; and <\/li>\n<li>Basic and diluted earnings per share from continuing operations was <span class=\"xn-money\">$0.01<\/span>, compared with basic and diluted loss per share from continuing operations of <span class=\"xn-money\">$0.30<\/span> for the same period ended <span class=\"xn-chron\">September 30, 2019<\/span>. Basic and diluted loss per share was <span class=\"xn-money\">$0.08<\/span>, compared with basic and diluted loss per share of <span class=\"xn-money\">$0.46<\/span> for the same period ended <span class=\"xn-chron\">September 30, 2019<\/span>.<\/li>\n<\/ul>\n<p>\n        <b>Financial Results<\/b>\n      <\/p>\n<p>\n        <i><br \/>\n          <u>In the three months ended <span class=\"xn-chron\">September 30, 2020<\/span><\/u><br \/>\n        <\/i>\n      <\/p>\n<p>\n        <b>Revenues<\/b>\n      <\/p>\n<p>For the three months ended <span class=\"xn-chron\">September 30, 2020<\/span>, the Company sold non-ferrous metals to six customers at fixed prices, and earned revenues when the product ownership was transferred to its customers. The Company earned revenues of <span class=\"xn-money\">$3,680,944<\/span> from sales of commodity products. There was no such revenue for the three months ended <span class=\"xn-chron\">September 30, 2019<\/span>.<\/p>\n<p>For the three months ended <span class=\"xn-chron\">September 30, 2020<\/span>, the Company earned distribution commission fees of <span class=\"xn-money\">$3,531,885<\/span> from facilitating metal product sales between the suppliers and the customers, and did not earn revenues from loan recommendation services.<\/p>\n<p>\n        <b>Cost of revenue<\/b>\n      <\/p>\n<p>Cost of revenue primarily consists of purchase costs of non-ferrous metal products and business taxes and surcharges. For the three months ended <span class=\"xn-chron\">September 30<\/span>, 2020,\u00a0\u00a0the Company purchased non-ferrous metal products of <span class=\"xn-money\">$3,617,068<\/span> from two third party suppliers, and sold non-ferrous metal products to four customers. The Company recorded cost of revenue of <span class=\"xn-money\">$3,697,490<\/span>. There was no such cost for the three months ended <span class=\"xn-chron\">September 30, 2019<\/span> because this was a new business launched in <span class=\"xn-chron\">December 2019<\/span>.<\/p>\n<p>\n        <b>Selling, general, and administrative expenses <\/b>\n      <\/p>\n<p>Selling, general and administrative expenses increased from <span class=\"xn-money\">$259,945<\/span> for the three months ended <span class=\"xn-chron\">September 30, 2019<\/span> to <span class=\"xn-money\">$292<\/span>,080\u00a0\u00a0for the three months ended <span class=\"xn-chron\">September 30, 2020<\/span>, representing an increase of <span class=\"xn-money\">$32,135<\/span>, or 12%. \u00a0Selling, general and administrative expenses primarily consisted of salary and employee benefits, office rental expense, business tax and surcharge, professional service fees, office supplies. The increase was mainly attributable to an increase of <span class=\"xn-money\">$79,098<\/span> in rental expenses with our launch of\u00a0our commodities trading business, against a decrease of salary and payroll expenses of <span class=\"xn-money\">$27,012<\/span> because our new senior management charged less salary expenses.\u00a0<\/p>\n<p>\n        <b>Interest income<\/b>\n      <\/p>\n<p>Interest income was primarily generated from loans made to third parties and related parties. For the three months ended <span class=\"xn-chron\">September 30, 2020<\/span>, interest income was <span class=\"xn-money\">$2,356,000<\/span>, as compared with $nil for the same period ended <span class=\"xn-chron\">September 30, 2019<\/span>. The increase was primarily due to net loans of <span class=\"xn-money\">$83.3 million<\/span> made to a customer, from which the Company earned interest income of <span class=\"xn-money\">$2.4 million<\/span>.<\/p>\n<p>\n        <b>Net loss from discontinued operations<\/b>\n      <\/p>\n<p>During the three months ended <span class=\"xn-chron\">September 30, 2020<\/span>, the net loss from discontinued operations was comprised of a net loss of $nil from discontinued operations of the used luxurious car leasing business and a loss of <span class=\"xn-money\">$2,989<\/span>,116\u00a0from disposal of the discontinued operations of used luxurious car leasing business.\u00a0<\/p>\n<p>During the three months ended <span class=\"xn-chron\">September 30, 2019<\/span>, the net loss from discontinued operations was comprised of a net loss of <span class=\"xn-money\">$132,898<\/span> from discontinued operations of the used luxurious car leasing business.<\/p>\n<p>\n        <b>Net loss<\/b>\n      <\/p>\n<p>Net income from continuing operations for the three months ended <span class=\"xn-chron\">September 30, 2020<\/span> was <span class=\"xn-money\">$4,170,658<\/span>, representing a change of <span class=\"xn-money\">$4,430,603<\/span> from net loss from continuing operations of <span class=\"xn-money\">$259,945<\/span> for the three months ended <span class=\"xn-chron\">September 30, 2019<\/span>.<\/p>\n<p>Net income for the three months ended <span class=\"xn-chron\">September 30, 2020<\/span> was <span class=\"xn-money\">$1,181,542<\/span>, representing a change of <span class=\"xn-money\">$1,574,385<\/span> from net loss of <span class=\"xn-money\">$392,843<\/span> for the three months ended <span class=\"xn-chron\">September 30, 2019<\/span>.<\/p>\n<p>\n        <i><br \/>\n          <u>In the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span><\/u><br \/>\n        <\/i>\n      <\/p>\n<p>\n        <b>Revenues<\/b>\n      <\/p>\n<p>For the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span>, the Company sold non-ferrous metals to six customers at fixed prices, and earned revenues when the product ownership was transferred to its customers. The Company earned revenues of <span class=\"xn-money\">$6,298,245<\/span> from sales of commodity products. There was no such revenue for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>.<\/p>\n<p>For the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span>, the Company earned <span class=\"xn-money\">$2,332,735<\/span> from loan recommendation services from the facilitation of a loan volume of approximately <span class=\"xn-money\">$93.3 million<\/span> (<span class=\"xn-money\">RMB 652.8 million<\/span>) with five customers, and earned distribution commission fees of <span class=\"xn-money\">$3,760,338<\/span> from facilitating the metal product sales between the suppliers and the customers.<\/p>\n<p>\n        <b>Cost of revenue<\/b>\n      <\/p>\n<p>Cost of revenue primarily consists of purchase costs of non-ferrous metal products and business taxes and surcharges. For the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span>, the Company purchased non-ferrous metal products of <span class=\"xn-money\">$6,233,590<\/span> from three third party suppliers, and sold non-ferrous metal products to six customers. The Company recorded cost of revenue of <span class=\"xn-money\">$6,322,765<\/span>.\u00a0There was no such cost for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span> because this was a new business launched in <span class=\"xn-chron\">December 2019<\/span>.<\/p>\n<p>\n        <b>Selling, general, and administrative expenses <\/b>\n      <\/p>\n<p>Selling, general and administrative expenses decreased from <span class=\"xn-money\">$2,123,191<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span> to <span class=\"xn-money\">$1,032,660<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span>, representing a decrease of <span class=\"xn-money\">$1,090,531<\/span>, or 51%.\u00a0Selling, general and administrative expenses primarily consisted of salary and employee benefits, office rental expense, business tax and surcharge, professional service fees, office supplies. The decrease was mainly attributable to a decrease of stock-based compensation expenses of <span class=\"xn-money\">$884,208<\/span>, because we issued 502,391 restricted shares as compensation of <span class=\"xn-money\">$884,208<\/span> to certain service providers for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>, while no such issuance was made for the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span>, and a decrease of <span class=\"xn-money\">$112,061<\/span> in salary and payroll expenses because the new senior management of the Company charged less payroll expenses.\u00a0<\/p>\n<p>\n        <b>Interest income<\/b>\n      <\/p>\n<p>Interest income was primarily generated from loans made to third parties and related parties. For the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span>, interest income was <span class=\"xn-money\">$3,965,283<\/span>, representing an increase of <span class=\"xn-money\">$3,964,647<\/span> from <span class=\"xn-money\">$636<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>. The increase was primarily due to net loans of <span class=\"xn-money\">$83.3<\/span> million\u00a0made to a customer. The Company earned interest income of <span class=\"xn-money\">$3.82 million<\/span> from this customer.<\/p>\n<p>\n        <b>Amortization of beneficial conversion feature and relative fair value of warrants relating to issuance of convertible notes <\/b>\n      <\/p>\n<p>For the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span>, there was amortization of beneficial conversion feature of <span class=\"xn-money\">$3.4 million<\/span> and relative fair value of warrants relating to issuance of convertible notes of <span class=\"xn-money\">$3.06 million<\/span> relating to the convertible notes which were converted in <span class=\"xn-chron\">May 2020<\/span>.<\/p>\n<p>For the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span>, no such expenses were incurred.<\/p>\n<p>\n        <b>Net loss from discontinued operations<\/b>\n      <\/p>\n<p>During the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span>, the net loss from discontinued operations was comprised of net loss of <span class=\"xn-money\">$552,691<\/span> from discontinued operations of used luxurious car leasing business and a loss of <span class=\"xn-money\">$3,541,807<\/span> from disposal of the discontinued operations of the used luxurious car leasing business.\u00a0<\/p>\n<p>During the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>, the net loss from discontinued operations was comprised of net loss of <span class=\"xn-money\">$1,140,439<\/span> from discontinued operations of the used luxurious car leasing business.<\/p>\n<p>\n        <b>Net loss<\/b>\n      <\/p>\n<p>Net income from continuing operations for the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span> was <span class=\"xn-money\">$222,119<\/span>, representing a change of <span class=\"xn-money\">$2,344,674<\/span> from net loss from continuing operations of <span class=\"xn-money\">$2,122,555<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>.<\/p>\n<p>Net loss for the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span> was <span class=\"xn-money\">$3,319,688<\/span>, representing an increase of <span class=\"xn-money\">$56,694<\/span> from net loss of <span class=\"xn-money\">$3,262,994<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2019<\/span>.<\/p>\n<p>\n        <b>Nine Months Ended <span class=\"xn-chron\">September 30, 2020<\/span> Cash Flows<\/b>\n      <\/p>\n<p>As of <span class=\"xn-chron\">September 30, 2020<\/span>, the Company had cash and cash equivalents of <span class=\"xn-money\">$2.97 million<\/span>, as compared with <span class=\"xn-money\">$1.78 million<\/span> as of December\u00a031, 2019.<\/p>\n<p>Net cash provided by operating activities from continuing operations was <span class=\"xn-money\">$1.64 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span>, as compared with cash used in operating activities from continuing operations of <span class=\"xn-money\">$1.20 million<\/span> for the same period of 2019. Net cash provided by operating activities was <span class=\"xn-money\">$0.94 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span>, as compared with cash used in operating activities from continuing operations of <span class=\"xn-money\">$2.02 million<\/span> for the same period of 2019.<\/p>\n<p>Net cash used in investing activities was <span class=\"xn-money\">$81.71 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span>, compared to <span class=\"xn-money\">$5.46 million<\/span> for the same period of 2019.<\/p>\n<p>Net cash provided by financing activities was <span class=\"xn-money\">$81.05 million<\/span> for the nine months ended <span class=\"xn-chron\">September 30, 2020<\/span>, compared to <span class=\"xn-money\">$7.40 million<\/span> for the same period of 2019.<\/p>\n<p>\n        <b>About TD Holdings, Inc.<\/b>\n      <\/p>\n<p>TD Holdings, Inc. (Nasdaq: GLG) is\u00a0a commodities trading and supply chain management service provider in <span class=\"xn-location\">China<\/span>. Our commodities trading and supply chain management businesses are conducted under the brand names &#8220;Huamucheng&#8221; by Shenzhen Huamucheng Trading Co., Ltd. and &#8220;Qianhai Baiyu&#8221; by Shenzhen Qianhai Baiyu Supply Chain Co., Ltd., the Company&#8217;s wholly owned subsidiaries in <span class=\"xn-location\">Shenzhen<\/span>. For more information please visit <a target=\"_blank\" href=\"http:\/\/ir.tdglg.com\/\" rel=\"nofollow noopener noreferrer\">http:\/\/ir.tdglg.com<\/a>. <\/p>\n<p>\n        <b>Safe Harbor Statement<\/b>\n      <\/p>\n<p>\n        <i>This press release may contain certain &#8220;forward-looking statements&#8221; relating to the business of TD Holdings, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are &#8220;forward-looking statements.&#8221; These forward-looking statements are often identified by the use of forward-looking terminology such as &#8220;believes,&#8221; &#8220;expects&#8221; or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company&#8217;s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company&#8217;s periodic reports that are filed with the Securities and Exchange Commission and available on its <\/i><br \/>\n        <i>website at\u00a0<\/i><br \/>\n        <a target=\"_blank\" href=\"http:\/\/www.sec.gov\/\" rel=\"nofollow noopener noreferrer\"><br \/>\n          <i>http:\/\/www.sec.gov<\/i><br \/>\n        <\/a><br \/>\n        <i>. All forward-looking statements attributable to the Company or persons acting<\/i><br \/>\n        <i>\u00a0on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.<\/i>\n      <\/p>\n<p>\u00a0<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN91018&amp;sd=2020-11-13\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/td-holdings-inc-reports-third-quarter-2020-financial-results-301172644.html\">http:\/\/www.prnewswire.com\/news-releases\/td-holdings-inc-reports-third-quarter-2020-financial-results-301172644.html<\/a><\/p>\n<p>SOURCE  TD Holdings, Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CN91018&amp;Transmission_Id=202011130845PR_NEWS_USPR_____CN91018&amp;DateId=20201113\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire SHENZHEN, China, Nov. 13, 2020 \/PRNewswire\/ &#8212; TD Holdings, Inc.\u00a0(Nasdaq: GLG) (the &#8220;Company&#8221;),\u00a0a commodities trading and supply chain management service provider in\u00a0China\u00a0today announced its financial results for the nine months ended\u00a0September 30, 2020. Affected by the ongoing outbreak of the COVID-19, the Company expected its used luxurious car leasing business to be subject to continuous losses due to the closure of stores. As a result, the Company sold the used luxurious car leasing business in August 2020 and\u00a0focus on the commodities trading and its complementary business. Mrs. Renmei Ouyang, the Chief Executive Officer of the Company, stated, &#8220;We are pleased to report our financial results for the nine months ended September 30, 2020. We started our commodities trading &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/td-holdings-inc-reports-third-quarter-2020-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;TD Holdings, Inc. Reports Third Quarter 2020 Financial Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-380834","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>TD Holdings, Inc. Reports Third Quarter 2020 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/td-holdings-inc-reports-third-quarter-2020-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TD Holdings, Inc. Reports Third Quarter 2020 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire SHENZHEN, China, Nov. 13, 2020 \/PRNewswire\/ &#8212; TD Holdings, Inc.\u00a0(Nasdaq: GLG) (the &#8220;Company&#8221;),\u00a0a commodities trading and supply chain management service provider in\u00a0China\u00a0today announced its financial results for the nine months ended\u00a0September 30, 2020. Affected by the ongoing outbreak of the COVID-19, the Company expected its used luxurious car leasing business to be subject to continuous losses due to the closure of stores. As a result, the Company sold the used luxurious car leasing business in August 2020 and\u00a0focus on the commodities trading and its complementary business. Mrs. Renmei Ouyang, the Chief Executive Officer of the Company, stated, &#8220;We are pleased to report our financial results for the nine months ended September 30, 2020. We started our commodities trading &hellip; Continue reading &quot;TD Holdings, Inc. Reports Third Quarter 2020 Financial Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/td-holdings-inc-reports-third-quarter-2020-financial-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-13T13:48:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN91018&amp;sd=2020-11-13\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/td-holdings-inc-reports-third-quarter-2020-financial-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/td-holdings-inc-reports-third-quarter-2020-financial-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"TD Holdings, Inc. 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As a result, the Company sold the used luxurious car leasing business in August 2020 and\u00a0focus on the commodities trading and its complementary business. Mrs. Renmei Ouyang, the Chief Executive Officer of the Company, stated, &#8220;We are pleased to report our financial results for the nine months ended September 30, 2020. We started our commodities trading &hellip; Continue reading \"TD Holdings, Inc. 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