TD Holdings, Inc Reports First Quarter 2020 Financial Results.

BEIJING: TD Holdings, Inc. (Nasdaq: GLG) (the "Company"), a used luxurious car rental and commodities trading service provider in China today announced its financial results for the three months ended March 31, 2020.

The Company started to operate its current used luxurious car leasing business in China, after it disposed its direct loans, loan guarantees and financial leasing services in July 2018, and began to operate commodities trading business in China in November 2019. In January 2020, we changed the Company's name to TD Holdings, Inc., which better represents our current focus on the new commodities trading business. The letter "T" in the name representing the Chinese character for "Bronze," indicating the Company's focus on the commodities trading business, and particularly on the trading of nonferrous metals such as bronze as the main direction of the Company's business in the future.

Mrs. Renmei Ouyang, the Chief Executive Officer of the Company, stated, "We are pleased to report our financial results for the three months ended March 31, 2020. We started our commodity trading business in late 2019, and we have increased our revenues from the commodities trading business despite of the outbreak of COVID-19. I believe that the commodity trading business will continue to bolster the Company's income and increase shareholder value."

First Quarter 2020 Financial Highlights

Income from commodities trading business was $1.47 million, consisting of $1.05 million from sales of commodities products, and $0.42 million from supply chain management services;

Net loss was $0.14 million, compared with net loss of $1.83 million for the three months ended March 31, 2019.

Basic and diluted loss per share was $0.01, compared with basic and diluted loss per share of $0.35 for the three months ended March 31, 2019.

Shareholders' equity as of March 31, 2020 was $7.3 million, compared with $5.80 million as of December 31, 2019.

First Quarter 2020 Financial Results

Revenues

We generate revenue from our commodities trading business and used car leasing business.

Income from commodities trading business

In December 2019, we commenced our commodities trading business and we generated revenues from sales of commodity products and revenue from supply chain management consulting services. There was no such revenue for the three months ended March 31, 2019.

For the three months ended March 31, 2020, the Company sold non-ferrous metals to two customers at fixed...