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.
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
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