BAIYU Holdings, Inc. subsidiary and JD Tech subsidiary signed a service agreement for a payment platform for bulk commodity enterprises

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Oct 31, 2023, 08:30 ET

SHENZHEN, China, Oct. 31, 2023 /PRNewswire/ -- BAIYU Holdings. Inc. (NASDAQ: BYU) (hereinafter referred to as the "Company") announced that its subsidiary Shenzhen Tongdow Internet Technology Co., Ltd. had signed a service agreement with a wholly-owned subsidiary of Beijing Jingdong Financial Technology Holding Co., Ltd. (hereinafter referred to as "JD Tech") to jointly launch a trading payment platform for commodity enterprises.

JD Tech, an affiliate of JD.com, Inc. ((NASDAQ: JD), is a specialized business arm committed to leveraging technology to serve various industries. It aspires to deliver end-to-end technical products and solutions to a diverse clientele including enterprises, financial institutions, and governments. Drawing on advanced technological strengths in artificial intelligence, big data, cloud computing, and the Internet of Things, JD Tech has developed industry-specific products and solutions. These tools aid businesses across all sectors to minimize supply chain expenses and optimize operational efficiency, positioning JD Tech as a dependable digital ally for the industry. Merging the expertise of the former JD Digits and its Cloud & AI tech divisions, JD Tech has evolved as the principal platform for external tech services within JD.com, Inc. and its subsidiaries and affiliates. It boasts an in-depth industry insight, solid risk management prowess, adept user engagement, and enterprise service capabilities, enabling it to provide targeted industry applications, product innovations, and digital transformation services to its customers.

Shenzhen Tongdow Internet Technology Co., Ltd., a subsidiary of the Company, has signed an "Enterprise Payment Technology Service Agreement" with Beijing Tongbang Zhuoyi Technology Co., Ltd., a wholly-owned subsidiary of JD Tech. This agreement provides technical support for enterprise payment settlements and supply chain financing for bulk customers of the Company's subsidiaries.

The Company is an industry-leading B2B commodity e-commerce platform and supply chain service provider. At present, the Company is committed to the network layout of photovoltaic, energy storage power and fast charging stations and the operation service of new energy industry. The Company's main business is to invest in fast charging stations and commercial machine stations and provide customers with integrated new energy solutions and operations such as photovoltaic, energy storage power and fast charging stations.

The signing of this agreement signifies a closer collaboration between the Company and JD Tech. In the future, the Company plans to deepen its cooperation with JD Digits in areas like enterprise payment and settlement, supply chain finance, etc., providing comprehensive solutions for bulk commodity enterprise in online payment and financial technology needs.

About BAIYU Holdings, Inc.

BAIYU Holdings, Inc. (NASDAQ: BYU) is a leading B2B bulk commodity e-commerce platform and supply chain service provider. Currently, the Company is focused on expanding its new business in photovoltaic, energy storage power, and fast-charging power stations, along with services for the new energy industry. The Company's business involves investing in fast-charging power stations, commercial power stations, and offering integrated new energy solutions and operations that encompass photovoltaic, energy storage, and fast-charging power stations. It offers comprehensive solutions and operations for global new energy storage systems and specialized sectors. With a central focus on new energy and an orientation towards integrated power systems, the Company is dedicated to fields like clean energy, smart power, intelligent photovoltaic, and the operation and maintenance of fast-charging station outlets. For more information, please visit http://ir.tdglg.com.

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving 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. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: the demand for the Company's products and services, global supply chains and economic activity in general; the occurrence of any event, change or other circumstances; and other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission by the Company. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company'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's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on 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.

SOURCE BAIYU Holdings, Inc.