NEW YORK, Jan. 17, 2019 /PRNewswire/
-- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the
"Company"), a leading global fintech and asset digitization
services company, is pleased to announce it has entered into an
agreement with China International Capital Corporation (CICC) to
tentatively commit to underwrite up to RMB
10 billion (US$1.47 bn) per
month for a total of 120 billion (US $17.7bn) of investment for the NTC Electric City
Bus upgrade initiative and agreement announced by Ideanomics in
July 2018.
CICC (China International Capital Corporation), the first
Sino-foreign joint venture investment bank in China and holder of China's best local brokerage award for 15
straight years (2004-2018), will provide services for Ideanomics
specific projects as the role of an investment bank, assessing
current business conditions and future development strategies.
This agreement forms part of underwriting and marketing of
asset-backed securities in support of the Chinese-government
mandated electric bus upgrade and replacement project. The initial
tranche of financing Ideanomics will service, with regional
partners such as CICC, is expected to be RMB
57 billion (approximately USD $8.5
Billion) starting in late Q1 and anticipated to be fulfilled
completely by Q3, the final financing amount is estimated to reach
about RMB 260 billion (approximately
USD$38.8 Billion).
CICC and its subsidiaries are global financial services
companies, providing securities, investment banking and other
services, including securities underwriting, securities trading and
securities brokerage activities, foreign exchange trading,
commodity trading and derivatives trading, as well as providing
asset management, financing and financial advisory services.
About China International Capital Corporation (CICC):
CICC is China's first
joint-venture investment bank and a pioneer in international best
practices in China. Since CICC's
inception in 1995, our commitment has been to provide high quality,
value-added financial services to our clients. We have established
full-service business model offering investment banking, equities,
FICC, wealth management services and investment management – all
based on our solid research coverage. Our headquarters is in
Beijing and we have subsidiaries
throughout Mainland China, company branches in major cities
including Shanghai and
Shenzhen, and more than 200
securities branches in 28 provinces and municipalities nationwide.
We are also active overseas with branches in Hong Kong, New
York, Singapore,
London, San Francisco, and most recently, Frankfurt. In 2015, CICC listed on the main
board of the Hong Kong Stock Exchange.
About Ideanomics
Ideanomics seeks to become a
leading fintech company by combining deal origination and
enablement with the application of blockchain and artificial
intelligence technologies as part of the next-generation of
financial services.
The company is headquartered in New
York, NY, and has offices in Hong
Kong and Beijing, China. It
also has a planned global center for Technology and Innovation in
West Hartford, CT, named Fintech
Village.
Safe Harbor Statement
This press release contains
certain statements that may include "forward looking statements".
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,
involve known and unknown risks and uncertainties, and include
statements regarding our intention to transition our business model
to become a next-generation financial technology company, our
business strategy and planned product offerings, our intention to
phase out our oil trading and consumer electronics businesses, and
potential future financial results. Although the Company believes
that the expectations reflected in such forward-looking statements
are reasonable, they do involve assumptions, risks and
uncertainties, and these expectations may prove to be incorrect.
You 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 risks and uncertainties, such as risks related to: our
ability to continue as a going concern; our ability to raise
additional financing to meet our business requirements; the
transformation of our business model; fluctuations in our operating
results; strain to our personnel management, financial systems and
other resources as we grow our business; our ability to attract and
retain key employees and senior management; competitive pressure;
our international operations; and other risks and uncertainties
disclosed under the sections entitled "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" in our most recent Form 10-K and Form 10-Q
filed with the Securities and Exchange Commission, and similar
disclosures in subsequent reports filed with the SEC, which are
available on the SEC website at 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 risk
factors. Other than as required under the securities laws, the
Company does not assume a duty to update these forward-looking
statements.
Investor Relations and Media Contact
Tony Sklar, VP of Communications at
Ideanomics
55 Broadway, 19th Floor New
York, New York 10006
Email: ir@ideanomics.com
www.ideanomics.com
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SOURCE Ideanomics