NEW YORK, Jan. 22, 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 Pacific Securities Co. Ltd., as one of several underwriters to participate in the underwriting of the NTC Electric Bus initiative. Pacific Securities Co. Ltd has committed to underwrite up to RMB 10 billion (US $1.48 billion) of the RMB 57 billion (US $8.5 billion) initial investment under the agreement announced in July 2018.
Pacific Securities Co. Ltd is ranked number 7 of the listed securities companies on Chinese stock exchanges and ranked number 298 amongst the 500 top market cap listed companies in China in January 2017.
This agreement forms part of the 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 Pacific Securities and is expected to be RMB 57 billion (approximately USD $8.5 billion). The final financing amount is estimated to reach about RMB 260 billion (approximately USD$38.8 billion).
About Pacific Securities
The Pacific Securities Co., Ltd. engages in the securities business in China. The company is involved in the securities brokerage, investment banking, share transfer, asset management, fixed income, securities investment, direct investment, and international business activities, as well as the provision of research and consulting services. The Pacific Securities Co., Ltd. was founded in 2004 and is based in Kunming, China.
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.
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