Kandi Technologies' Subsidiary Joint Venture Company to Explore Public Listing in China
April 13 2015 - 9:11AM
Kandi Technologies Group, Inc. (Nasdaq:KNDI) (the "Company" or
"Kandi"), today announced that its subsidiary, Kandi Electric
Vehicles Group Co., Ltd. (the "JV Company"), will explore public
listing options in China in an effort to unlock shareholder value.
The JV Company, a 50/50 joint venture company established by the
Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co.,
Ltd., with Shanghai Maple Guorun Automobile Co., Ltd., a 99%-owned
subsidiary of Geely Automobile Holdings Ltd. ("Geely Auto"), held a
Board of Directors meeting on April 8,2015, at which the Board
authorized management to explore options for going public in China.
Accessing the public capital market would allow the JV Company to
leverage the growing electric vehicle ("EV") market demand in China
and the government's strengthened commitment to EVs in terms of
subsidies for EV end-users.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi
and Chairman of the JV Company, commented, "Through the combined
efforts of Kandi and Geely Auto, our JV Company has become the
leader in pure electric vehicle manufacturing in China, and a
growing leader in the production of new energy vehicles. Together,
we believe that the prevailing industry fundamentals are such that
a public listing will deliver substantial value to our shareholders
over the long-term. The JV Company has confidence in achieving the
goal of a public listing in China within the next two years, as
long as market conditions permit."
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (Nasdaq:KNDI), headquartered in
Jinhua, Zhejiang Province, is engaged in the research and
development, manufacturing and sales of various vehicle products.
Kandi has established itself as the one of China's leading
manufacturers of pure electric vehicle ("EV") parts, EV products
and off road vehicles. More information can be viewed at its
corporate website is www.kanditechnologiesgroup.com
(www.kandivehicle.com). The Company routinely posts important
information on its website.
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, involving known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these 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
factors, including the risk factors discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission ("SEC") and available on the SEC's website
(http://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.
CONTACT: Company Contact:
Ms. Kewa Luo
Kandi Technologies Group, Inc.
Phone: 1-212-551-3610
Email: IR@kandigroup.com
IR Contact:
Matthew Abenante
The Piacente Group
Phone: 1-212-481-2050
Email: kandi@tpg-ir.com
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