EXID's agency Yedang Entertainment Company has stepped forward to give an official statement behind the group's rumored contract with a Chinese chaebol (conglomerate). 

Through press releases, the entertainment company stated October 6, "Hello, this is EXID's management company Yedang Entertainment. There seems to be a misunderstanding regarding EXID's entering the Chinese market, [a misunderstanding] which formed from the speculative articles released by Chinese media outlets today, so we are coming forward with an official statement. It is true that we met with representatives from Wang Sicong's newly established media company Banana Project for the possible future entrance of EXID into the Chinese market and conferred with them on the agency's management formation, but we are still consulting and nothing is confirmed." 

The agency added, "We attended the Banana Project party which was held in Shanghai this past October 3, along with China's top star Angelababy, DJ Skrillex, and T-ara. We were in the midst of discussing the various ways for EXID to promote in China through stable yet diverse activities; however, certain Chinese media outlets released articles that made it seems as if EXID has already entered the Chinese market, so we are dispelling those rumors."