Zhongsen Tower and Ideanomics Response to China Tower Corporation’s Clarification Announcement on June 30

Ideanomics and Zhongsen Tower today issued a joint press release clarifying Zhongsen’s relationship with provincial divisions of China Tower Group.

Ideanomics’ press release dated June 25, 2020, announced a deal between Ideanomics’ Mobile Energy Global subsidiary (“MEG”) and Zhongsen Tower to establish Zhongsen Tower in Qingdao. At the end of that press release, Ideanomics referenced an entity named China Tower Holdings. The correct reference is to provincial divisions of China Tower Group. China Tower Group, through its provincial divisions, is more accurately described as a company that works closely with, or in partnership with, Zhongsen Tower rather than “affiliated with.” Further, the reference in the June 25, 2020 press release to China Tower Holdings being ranked 71st in the Forbes Top 100 Digital Companies List and 22nd in the Fortune Future 50 in 2019 was an error. The Company did not intend to indirectly reference the Hong Kong publicly listed company China Tower Corporation Limited, which has the Forbes and Fortune Future rankings.

Zhongsen Tower Vice Chairman and President Guo Yonglei states, “Zhongsen Tower Telecom Company Ltd is 70% owned by Zhongsen Hongyun (Shenzhen) Industrial Development Co., Ltd, a subsidiary of ZhongNengYuan Power Fuel Company Limited, a 100% State-owned subsidiary of China State Power Corporation. Zhongsen Tower is dedicated to 5G-related new energy services and is very pleased to have formed a joint venture with Qingdao Ainengju New Energy Sales and Service Co. (a subsidiary of MEG). Zhongsen Tower has business relationships with many partners for regional business development, including local governments, transportation entities, China State Power’s network, energy supplying entities, and other larger state-owned enterprises and financial institutions. Zhongsen Tower considers provincial divisions of China Tower Group as an important partner, and it plans to jointly invest in municipal infrastructure with provincial divisions of China Tower Group, China State Power Corporation, Municipal Administration, and Transportation to jointly build a smart society based on 5G for mobile telecommunications. Zhongsen Tower works closely with certain provincial divisions of China Tower through various avenues such as leasing, selling, and joint construction to provide professional services to communication operators.”

Source : Ideanomics

Author: admin

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