NEW YORK, Jan. 22, 2019 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company"), a leading global fintech and asset digitization services company, announced January 17, 2019 that it has entered into an agreement with CICC, China's #1 Investment Bank, for Underwriting of NTC Electric City Bus Transaction.
We would like to further clarify, CICC's commitment to of underwrite this project up to RMB 10 Billion (US$1.47 Billion) per month for a total of RMB 120 Billion has been committed. Our commitment to CICC is unwavering. We have used the term "Tentative" to further illuminate that within the NTS Electric Bus framework agreement, there are many details and complexities that will transpire for a deal of this nature, size, and composition. For instance, the size allocated to each underwriting banking partner, although committed by the underwriting banking partner, is subject to qualifications, verifications, and other quantifiers of the underlying assets being securitized. Also, the number of underwriting banking partners in the underwriting syndicate could increase, the number of assets being packaged in the underwriting banking partners allocation requires verification, and final agreements will be subject to regulatory approvals. We continue to receive interest in joining the underwriting banking partner syndicate and we will announce other committed parties soon.
The previous press release can be read by clicking the link here: https://ideanomics.gcs-web.com/news-releases/news-release-details/ideanomics-signs-agreement-cicc-chinas-1-investment-bank
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
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.