Kandi Starts Process to List Battery Swap Subsidiary on Shanghai Stock Exchange’s STAR Board
November 02 2020 - 9:05AM
Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the “Company” or
“Kandi”) announced today that on October 30, 2020 it signed a
cooperation agreement each with CITIC Securities, Grandall Law Firm
(Hangzhou) and Pan-China Certified Public Accountants LLP to
initiate the IPO process to list its wholly owned subsidiary,
Zhejiang Kandi Smart Battery Swap Technology Co, Ltd on the
Shanghai Stock Exchange’s Sci-Tech Innovation Board (“STAR”)
market. CITIC Securities will act as the IPO sponsor and lead
underwriter, Grandall Law Firm will act as the legal advisor, and
Pan-China Certified Public Accountants LLP will act as the auditor
for the IPO.
Mr. Xiaoming Hu, Chairman of the Board of Directors and Chief
Executive Officer of Kandi commented, “We are excited to enter a
cooperation agreement with these world class advisors to lead this
IPO. After more than a month of preliminary due diligence on
our Smart Battery Swap subsidiary, the advisors are confident in
the proposed spin-off listing on the STAR market.”
Hu continued, “We are confident that our battery swap business
can grow rapidly, due to our years of experience in smart battery
exchange technology further supported by China’s national policy to
promote ‘vehicle-battery separation’ swapping for electric
vehicles. Listing on the STAR market will enable us to raise
the capital needed at an attractive cost to grow this business
rapidly. As well, the STAR listing will further unlock the
subsidiary’s value as a public company and enable us to more
quickly realize value for Kandi shareholders.”
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua
Economic Development Zone, Zhejiang Province, is engaged in the
research, development, manufacturing, and sales of various
vehicular products. Kandi conducts its primary business operations
through its wholly-owned subsidiary, Zhejiang Kandi Vehicles Co.,
Ltd. ("Kandi Vehicles") and its subsidiaries including Zhejiang
Kandi Smart Battery Swap Technology Co., Ltd, SC Autosports, LLC
(d/b/a Kandi America), the wholly-owned subsidiary of Kandi in the
United States and Fengsheng Automobile Technology Group Co., Ltd
(formerly known as Kandi Electric Vehicles Group Co., Ltd., the
“Affiliate Company”). Kandi Vehicles has established itself as one
of China's leading manufacturers of pure electric vehicle parts and
off-road vehicles.
In 2013, Kandi Vehicles and Geely Group, China's leading
automaker, jointly invested in the establishment of the Affiliate
Company in order to develop, manufacture and sell pure electric
vehicle ("EV") products. Geely Group (including its affiliate) and
Kandi Vehicles currently holds 78% and 22% of the equity interests
in the Affiliate Company, respectively. The Affiliate Company has
established itself as one of the driving forces in the development
and the manufacturing of pure EV products in China.
More information about KNDI is available on the Company's
corporate website at http://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 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
applicable securities laws, the Company does not assume a duty to
update these forward-looking statements.
Follow us on Twitter: @ Kandi_Group
Contacts:
Kandi Technologies Group, Inc. Ms. Kewa Luo +1 (212) 551-3610
IR@kandigroup.com
The Blueshirt Group
Mr. Gary Dvorchak, CFA +1 (323) 240-5796
gary@blueshirtgroup.com
Ms. Susie Wang
susie@blueshirtgroup.com
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