TD Holdings, Inc. (NasdaqCM:GLG) entered into a non-binding letter of intent to acquire an unknown minority stake in Shenzhen Tongdow Internet Technology Co., Ltd. on November 24, 2021. Pursuant to the LOI, the 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 TD Holdings's further due diligence and the parties' negotiation. Both parties agree that equity value of STIT is estimated to be between approximately $150 million and $180 million. Completion of the transaction is subject to due diligence investigations by the relevant parties, the negotiation and execution of a definitive share purchase agreement, satisfaction of the conditions negotiated therein including the approval of the Company's Board of Directors, and the satisfaction of other customary closing conditions. Management expects the acquisition be completed no later than June 30, 2022.