Kandi Enters into Strategic Cooperation Agreement with Agricultural Bank of China Hangzhou Branch
Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the “Company” or
“Kandi”) announced today that it entered into a strategic
cooperation agreement with the Hangzhou Branch of the Agricultural
Bank of China.
Given China’s effort to both encourage the
battery swap model for electric vehicles and to support a compliant
online ride-sharing market, a strategic partnership was established
among Zhejiang Kandi Vehicles Co., Ltd. (“Kandi Vehicles”),
Zhejiang Ruiheng Technology Company (“Zhejiang Ruiheng”), China
Battery Exchange (Zhejiang) Technology Co., Ltd. (“China Battery”)
and the Hangzhou Branch of the Agricultural Bank of China.
The parties will promote the implementation of the “300,000
government-accredited pure EVs with battery swap model within 5
years of rideshare” program. A signing ceremony was held at
the headquarters of Hangzhou Branch of the Agricultural Bank of
China on December 25, 2020.
The strategic cooperation agreement entails:
- The Agricultural Bank of China Hangzhou Branch will provide
Kandi with an RMB 500 million (approximately USD $76.5 million)
line of credit to support the first phase of the “300,000
government-accredited pure EVs with battery swap model within 5
years of rideshare” program. Additional credit will be
provided based on the business progress.
- The Agricultural Bank of China/Hangzhou Branch will treat Kandi
Vehicles, Zhejiang Ruiheng, and China Battery as VIP customers to
offer comprehensive financial services from the Bank’s available
- The Agricultural Bank of China Hangzhou Branch is an important
business partner of Kandi Vehicles, Zhejiang Ruiheng, and China
Battery. According to the needs of the business, Kandi
Vehicles, Zhejiang Ruiheng, China Battery and their member
companies are given priority services at Hangzhou Branch of
Agricultural Bank of China in terms of settlement account opening,
fund management, financial services, fund raising, coordination of
subsidiaries and affiliated companies to handle related banking
services, and more.
Agricultural Bank of China (ABC) is one of the
“Big Four” state-owned banks managed by the central government in
the People’s Republic of China. As an essential participant
in China’s integrated financial system, ABC provides a range of
corporate and retail banking products, including treasury
operations and asset management, for a broad range of customers.
Its business scope also includes, among other things,
investment banking, fund management, financial leasing and life
insurance. In 2019, Agricultural Bank of China was ranked No.
36 in Fortune’s Global 500.
Kandi Chairman and Chief Executive Officer Hu Xiaoming
commented, “This strategic cooperation agreement with Agricultural
Bank of China Hangzhou Branch and the parties’ in-depth
collaboration will accelerate the “300,000 government-accredited
pure EVs within 5 years of rideshare” program. Now that the
program has started, the Agricultural Bank will continue to grant
incremental credit to the project, which indicates their strong
support to help provide a funding guarantee for the successful
development of the rideshare program. Launch of the program
will play a critical role in driving the rapid development of
Kandi’s business and its future growth.”
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
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
Kandi Technologies Group, Inc. Ms. Kewa Luo +1 (212) 551-3610
The Blueshirt Group
Mr. Gary Dvorchak, CFA email@example.com
Ms. Susie Wang firstname.lastname@example.org
- Kandi Enters Strategic Cooperation Agreement with ABC Hangzhou