Techconn vows to be one of the world’s leading global influencer platforms boasting over 540,000 Key Opinion Leaders (KOL).
China’s striving ecosystem of influencers could push IPO in 24 months
Ideanomics to divestment non-core assets and focus only on Electric Vehicle (EV) and New Energy Vehicle industries
Ideanomics (NASDAQ: IDEX) (“Ideanomics” or the “Company”) is pleased to announce it has entered into an agreement, which is subject to approval by the Ideanomics Board of Directors, whereby the Company will sell Grapevine Logic (“Grapevine”), Fintalk, and CommentsRadar, to Techconn Holding Group Co., Ltd. ( “Techconn Group”).
Ideanomics would receive a 15% interest in the deal that would see the merging of the Grapevine Influencer Platform, and suite of technologies, with the Techconn Group’s strong influencer operations, sees estimated their sales of RMB 20 Billion through 2021 and Techconn has committed to a RMB 300 million valuation for the merged entity.
Techconn’s influencer operations currently oversees more than 340,000 influencers from their operations in the cities of Hangzhou, and Changsha, China. Along with Grapevine’s 190,000 influencers, exChina, the Techconn Group’s’ influencer operations would become one of the world’s leading and truly global influencer platforms, boasting over 540,000 Key Opinion Leaders (KOL). These large and mid-sized KOLs will benefit even further, with access to the technologies that have been developed inside Fintalk, and through the Artificial Intelligence and sentiment analysis development inside CommentsRadar.
“China benefits from a striving ecosystem of influencers much more involved with brand promotions, and the influencers that are quickly sought after and can easily monetize their following,” said Dr. Bruno Wu, Chairman of Ideanomics. “The strong appetite of followers for brand recommendations are advantageous for KOLs and for brands: both benefit from strong demand for quality branded content. With our combined technologies to drive sales, the planned IPO of Techconn could happen within the next 24 months.”
The combined sale of these assets is expected to close during the third quarter of 2020, subject to approval by the Company’s Board of Directors and other customary closing conditions, and regulatory approvals.