NEW YORK, June 5, 2020 /PRNewswire/ -- Ideanomics (NASDAQ:
IDEX) ("Ideanomics" or the "Company") is pleased to announce that
it has entered into a 50/50 joint venture (JV) with Business Big
Data PTE, Ltd./Seasail Ventures (BBD) to create an investment
company focused on new infrastructure projects in China. The investment company will develop an
AI-enhanced China New Infrastructure bond product, introduce
capital, and fund advisory. The investment company will utilize
BBD's leading AI intelligence technology to provide risk management
and selection models for equity and fixed-income products. Its bond
product will be the first fund of its kind that enables investors
to access value in China's new
infrastructure growth. The seven key development areas for new
infrastructure construction are: 5G, UHV, intercity highways and
intercity rail transit, new energy vehicle charging stations, big
data centers, artificial intelligence, and the industrial
Internet.
The joint venture company has plans to create an offshore fund
that invests in Chinese bonds and equities that are focused on the
New Infrastructure initiative. It will be the first of its kind to
take advantage of cross border financial market opportunities and
AI. This fund will capture two significant emerging trends: the
application of AI in traditional financial services and
China's next economic upturn.
BBD is Asia's leading provider
of AI-based big data solutions dedicated to optimizing the
efficiency and effectiveness of industrial-level decision-making
and risk management. It's products specialize in financial
services, ranging from loan underwriting to portfolio management.
BBD will use its AI platform to provide and execute services for
the "intelligent" bond and stock risk control and investment
decision-making for the joint venture company, including but not
limited to: designing and maintaining a passive investment index
that can be used as an investment reference benchmark for overseas
ETFs and provide intelligent investment decision aid and
intelligent risk management
services.
Ideanomics anticipates its interest in ETF activities will be
transferred to this JV entity in the effort to focus on the main
business in the MEG Division. As previously communicated,
Ideanomics continues to streamline its operations and expects to
announce divestures of its non-core businesses throughout the
year.
About Ideanomics
Ideanomics is a global company
focused on facilitating the adoption of commercial electric
vehicles and developing next generation financial services and
Fintech products. Its electric vehicle division, Mobile Energy
Global (MEG) provides group purchasing discounts on commercial
electric vehicles, EV batteries and electricity as well as
financing and charging solutions. Ideanomics Capital includes DBOT
ATS and Intelligenta which provide innovative financial services
solutions powered by AI and blockchain. MEG and Ideanomics Capital
provide our global customers and partners with better efficiencies
and technologies and greater access to global markets.
The company is headquartered in New
York, NY, and has offices in Beijing and Qingdao,
China.
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
55 Broadway, 19th Floor New York, New York 10006
Email: ir@ideanomics.com
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