NEW YORK, July 12, 2019 /PRNewswire/ -- Ideanomics Inc. (Nasdaq: IDEX) has today announced its independent Director Mr. Chao Yang has been appointed to the company's audit committee and the compensation committee.
Mr. Yang was appointed President of China Life Insurance Group in 2005, going on to become both Chairman of The Board of China Life Insurance Company Limited and China Life Property & Casualty Insurance Company Limited, respectively. During his tenure, he grew revenue to 190B RMB ($28B USD) by 2005, market cap from 100B to 700B HKD ($13B USD - $89B USD), making it the largest life insurance company in the world by market cap, and grew assets under management to 2 Trillion RMB ($293B USD).
"Mr. Yang has been an outstanding member of our Board of Directors. The experience, business acumen, and knowledge of global financial reporting practices that Mr. Yang brings to Ideanomics continues to provide tremendous value for our shareholders," said Dr. Bruno Wu, Chairman of Ideanomics. "With our expansion and sales in the NECV ecosystem, Mr. Yang will bring great financial reporting process and oversight to our team."
Mr. Yang was appointed as an Independent Non-Executive Director of the Company on August 7, 2018. Mr. Yang was the chairman of China Life Insurance Company Limited (listed on the Hong Kong Stock Exchange with stock code: 02628) from July 2005 to June 2011, the president and secretary of China Life Insurance (Group) Company from May 2005 to May 2011 and an independent non-executive director of SRE Group Limited (listed on the Hong Kong Stock Exchange with stock code: 01207) from November 2013 to December 2015. Mr. Yang graduated from Shanghai International Studies University and Middlesex University in the United Kingdom, majoring in English and Business Administration respectively, and received a Master's degree in Business Administration.
Mr. Yang will continue to serve as an independent and non-executive Director until the next annual general shareholder meeting.
The company would like to recognize the exceptional service to its outgoing directors, Mr. Jin Shi and Mr. Richard Frankel. There is no known or material reason, and/or disagreement on any matter related to the Company's operations, policies, or practices. Mr. Frankel will continue his efforts with the company, on the Board of Directors of its subsidiary Intelligenta.
Intelligenta has begun marketing its services to U.S.-based financial institutions and banking associations, to deliver improved commercial intelligence, decision-making, risk management, client retention and growth, and other efficiencies that demonstrate significant ROI within the financial sector.
Ideanomics is a global Financial Technology (Fintech) company for transformative industries. Ideanomics combines deal origination and enablement with the application of technologies such as artificial intelligence, blockchain, and others as part of the next- generation of smart financial services. Our projects in New Energy Vehicle markets, Fintech, and advisory services provides our customers and partners better efficiencies, technologies, and access to global markets.
Ideanomics, through its investments and, along with its partners curate innovation around the globe through hubs and centers that foster a pipeline of technological excellence in cleantech, fintech, tradetech, agritech, regtech, insuretech, playtech, healthtech, cyber security, and more.
The company is headquartered in New York, NY, and has offices in 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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