Ideanomics announced it has entered into an agreement with Huaxi Securities Co., Ltd. as one of several underwriters to participate in the underwriting of the NTS Electric Bus initiative. Ideanomics is in the final stages of negotiation with at least two other leading underwriters. 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 Huaxi, 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).