Here is why TD Holdings Inc. (GLG) stock flipped in the after-hours on Monday?

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TD Holdings Inc. (GLG) gained 13.35% in after-hours on Monday, January 24, 2021, and closed the daily trading at $0.27. However, in the regular trading session of Monday, GLG’s stock lost 11.02%. The stock volume remained 0.98 million shares, which was lower than the average daily volume of 1.02 million shares within the past 50 days. GLG shares have fallen 89.60% over the last 12 months, and they have moved down 22.31% in the past week. Over the past three months, the stock has lost 58.18%, while over the past six months, it has declined 69.65%.

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Let’s have a brief look at its recent news.

GLG recent recognition

On January 24, 2022, TD Holdings, Inc. (GLG) was awarded as one of 2021 Top 30 Industrial Internet Listed Companies in China in the Industrial Internet CEO Sanya Summit and Venture Capital Carnival. Ms. Renmei Ouyang, the Company’s CEO, was awarded the 2021 Outstanding CEO of China Industrial Internet in the Event.

GLG agreement with Shanghai Eagsen

On December 20, 2021, TD Holdings, Inc. (GLG) entered into a strategic cooperation framework agreement with Shanghai Eagsen Intelligent Technology Co., Ltd., a leading company engaging in the research and development of automotive informatization and intelligence.

According to the agreement, both companies will develop the intelligent automobile system and digital cloud warehouse business. Eagsen will provide consulting support for the development of an intelligent automobile system by leveraging its automobile communication technologies while TD Holdings will provide the necessary funding for its development.

GLG development of digital cloud warehouse

On December 1, 2021, TD Holdings, Inc. (GLG) and its wholly-owned subsidiary, Shenzhen Baiyu Jucheng Data Technology Co., Ltd. entered into a non-binding letter of intent with Shenzhen Meifu Capital Management Co., Ltd. to launch an RMB300 million special fund to accelerate the development of a digital cloud warehouse.

According to the agreement, TD Holdings, BJDT, and SMCM agree to establish a joint venture fund company with an estimated total size of RMB300 million. SMCM agrees to contribute 80% to the Fund’s registered capital while TD Holdings and BJDT agree to be responsible for the Fund’s operations and contribute 20% to the Fund’s registered capital.

GLG to acquire Shenzhen Tongdow

On November 24, 2021, TD Holdings, Inc. (GLG) entered into a non-binding letter of intent with Shenzhen Tongdow Internet Technology Co., Ltd (STIT).

According to the agreement, TD Holdings 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. the equity value of STIT is estimated to be between $145 million and $180 million. TD Holdings expect to complete the acquisition no later than June 30, 2022.

Conclusion

GLG’s recent recognition could be the reason behind its turnaround in the after-hours on Monday and we hope that it will continue its momentum on Tuesday as well.