Tong Ying is a China-based commodities trading company that buys and resells bulk chemical and agricultural products. The company primarily trades Pure Terephthalic Acid (PTA), a petrochemical used in polyester and packaging, and corn, used for animal feed and industrial processing. Tong Ying also sells ethylene glycol and EVA, though it recently exited the construction steel market. The company operates as an intermediary, aggregating demand from industrial customers to negotiate pricing from upstream suppliers. Tong Ying earns a trading spread by purchasing in bulk and reselling at a markup. While the company takes title to the goods, it currently utilizes third-party warehouses for storage and does not offer transportation services. Most transactions are short-term and occur at spot prices. Beyond trading, the company provides market reports and supply chain advisory through its consulting subsidiary, Zhejiang Xinyu. Tong Ying is developing an online transaction platform called CRMC to automate contracts and generate commission revenue. The company also plans to build self-operated automated warehouses to reduce its reliance on third-party storage and improve pricing control. To manage volatility, Tong Ying intends to form a futures trading team to hedge inventory price risks. Management also aims to expand through potential acquisitions and increase its market share in its core product categories.