NEW YORK, June 26, 2020 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company") announces that its Qingdao Sales Center will be officially rebranded into the MEG Center by July 1. It has been managed by the joint venture (JV) referred to as Ai Neng Ju with Fu Da Automobile Trading Center (Fu Da) (51% owned by MEG). The JV registration was completed on April 13, 2020. Fu Da has been operational since 2018 and they provided photos of it's 20,000 square meter property within the Center.
Ideanomics contacted a source cited by Hindenburg, Chen Xiandeng, a new junior sales manager at Fu Da. Hindenburg approached Mr. Chen under the false pretenses of being a potential reoccurring customer. When Hindenburg asked Mr. Chen about if he knew about Ideanomics or MEG, he replied that he is aware of the joint venture but he is not privy to the details. Mr. Chen also explained to Hindenburg that his responsibility is to sell cars and that this information is reserved for company executives. Mr. Chen refutes Hindenburg's claims that he said that he has never heard of Ideanomics or MEG.
As of May 1, Ideanomics' JV has resumed the property lease including Fu Da's business, and will add electric vehicle (EV) sales and financing services. Since that time, Ideanomics has refreshed and refitted the Fu Da property post COVID-19 reopenings.
Along with the transfer of the Center's lease, the MEG JV retained Fu Da's staff including Yan Qiang who has served as Fu Da's General Manager since its inception. He will remain General Manager of the newly branded MEG Center which will be expanding to 40,000 square meters and eventually 100,000 square meters. These expansion will include both commercial and passenger EV sales and related services.