Kandi Technolgies Corp (KNDI)

[bullmarket2222]

The Geely/Kandi JV agreement has a 20 year term, and a 2-year notice for termination. Each company has a new factory under construction (Geely in Rugao; Kandi in Wanning City, Hainan) and both new factories are going to be contributed to the JV in 2015. Those will be the third and fourth Kandi JV factories. Surely you read that in the 10Q and 8K, so why would you say that Geely isn't contributing much and plans it to be a short-term arrangement? Your source is obviously inaccurate, if not fictional.

A quick internet search would have revealed 2 Chinese brokerage firms which give Kandi the highest rating.

Why don't you ask a high-ranking executive at BYD what they think of Kandi's prospects, now that BYD is BEHIND Kandi in NEV production for NINE MONTHS! In September alone Kandi JV produced more EV's than the first 6 months of the year. The omission of overwhelming positive evidence of Kandi's success in your analysis is one of the hallmarks of an ulterior motive. I have too much respect for an MIT degree to think it could be anything but intentional. How could you have innocently overlooked so much that is so easily available online? How could someone trained as an engineer be so superficial in his analysis? What's your excuse?

Kandi started at zero EV's in 2011 and is now the 7th biggest EV producer IN THE WORLD, ahead of Tesla! How do you accidentally miss that? You owe your readers an explanation for the agenda behind this outrageously unfair article. Anyone who has done comprehensive due diligence is certainly not short KNDI, especially not now.

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Platon Petratos • 28 minutes ago

It's real simple Mr. Richter, I'll certainly take back all I said about you when you can point out the fraud in Kandi. I'm not taking about Art's 30 year old history, my posting too much for your liking, past history on the forming of Kandi at a couple of dollars, top 5 auditors nonsense, China/RM skullduggery or any innuendo. Show us the fraud.

BULL

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Platon Petratos • an hour ago

SUSQUEHANNA INTERNATIONAL GROUP, LLP
06/30/2014
735,164
485,929
194.97
8,895

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Platon Petratos • an hour ago

Kandi's Short Seller Karl Richter's caught selling Snake Oil....Former Employer says "no way" Buys KNDI

Your Two Former Hedge Fund Employers have been Two of KNDI's Largest Holders over the past year!

But, irrespective of the fact you either didn't take the time to do a
thurough research on the Company, or just chose to ignore the CEO's
comment above on the call, I find it very interesting that of the few 50
institutions that have reported as being Kandi Shareholders over the
past year alone, both Susquehanna and SAC are included (Go to pg.2 for
SAC). While you can see from this link notorious SAC did sell the last
of its position in Q2, what I find it even more interesting is that
Susquehanna, your home town Philadelphia based Stock and Options Market
giant is not only Kandi's current largest Institutional shareholder with
some 735,000 shares, but is also one of the two Hedge funds that has
participated individually to the tune of over $100 million total
(including warrants) in every Kandi financing since the first in 2010,
to include likely having 4.9% $30 million of the recent $71 million
financing you speak of in your report.

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dantman859 • 9 hours ago

Mr Richter: Of the 4 arguments quoted in the article that you use to build your case of shorting KNDI I am going to take issue with only one as the other three have already been aptly refuted by others (a: not covered by a single analyst, b: poor choice of auditor, c: JV partner Geely "has made a very small contribution to the JV and won't be involved in the future"). Namely your claim that many "investors may think the company is the "Tesla of China" but it has very low odds of achieving such success".

First, referring to Kandi as the "Tesla of China" is not only inappropriate but shows utmost ignorance of very basic facts. Reality is Kandi is a manufacturer of low-end electric vehicles that offer a much needed affordable and green means of intracity public transportation to the millions of Chinese people living in congested and heavily polluted cities. These low- and mid-income people donot need nor can afford an expensive high-end EV like Tesla. Second, if you had followed the monthly and annual production numbers of New Energy Vehicles (NEV), especially the category of Pure Electric Vehicles (PEV) Kandi is in, publicized in many different media, you would have realized that the odds of Kandi achieving success is far from being "very low". Let me quote two very recent production statistics to refute your claim: As of End of July 2014, the Year-To-Date production of PEV in China is 17,499 units total with Kandi being the clear #1 producer at 6,929 units or a whopping 40% of total. In Sep 2014 China produced 12,200 PEV units with Kandi again the #1 with 6,771 units or 55.5% of total (see link below).

Very low odds of success? hah only in your imagination thanks to poor DD.

www.0car0.com/xnynews/x...

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David H. • 11 hours ago

WOW....how many additional investors took positions based on this article posted late Friday? And why would an article like this be posted JUST PRIOR to the release of Sept production numbers? The 6771 vehicles produced in Sept completely contradicts the initial reasoning laid out for the decision to short this stock - "Richter raises serious questions about the company's ability to maintain the growth it has reported. He argues that investors may think the company is the "Tesla of China" but it has very low odds of achieving such success." haaaaaaaa

With a 254% increase quarter to quarter....do you really believe Richter's questions were serious at all? Another POOR short decision. What I am curious about is who followed who...richter on cubans coattails or vice versa?

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KARL.RICHTER • a day ago

Mr. Porcari, here you are in the comments!

Are you the same Arthur Porcari who got into trouble with the Securities and Exchange Commission for stock manipulation and "predictions without a reasonable basis" in 1994?
http://www.sec.gov/news/digest...

Are you the same Arthur Porcari who had his securities registration revoked by the National Association of Securities Dealers?
http://finra.complinet.com/en/...

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Arthur Porcari KARL.RICHTER • 5 hours ago

Karl, You Betcha I am. I want to thank you for personally "opening the door" to respond to you directly, not only to your personal attack against me, but more importantly to also thoroughly debunk your bogus work of fiction. Since I don't want to clutter up all of the worthy comments of others here, I have taken a few hours to take you and your article apart, Piece by Piece in a detailed blog titled.

Kandi Technologies: A Losing Battle For Trapped Short Sellers- A Rebuttal Of Karl Richter's Visit To Fantasyland..

http://seekingalpha.com/instab...

Enjoy and I eagerly look forward to any comments you might have the guts to post on the blog.

BTW, I hope you already have been paid your "prize money". If not, you will likely lose it after the "Judges" realize how little work you really did researching KNDI.
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CP23 KARL.RICHTER • 21 hours ago

Why don't you respond to his post from a fact standpoint instead of attacking him on a personal history standpoint?
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Riot50000 • 2 days ago

By next week, KNDI will spike again as usual. Insider confusion continues. What happens if News this weekend takes it 20% by extended market or Monday Morning? I was out already

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SOONERGOLD1 • 2 days ago

As an investor in a few different companies currently, and having over 40 years experience in the pits, I take issue with CNBC in,providing a highlighting platform for hedge funds, whose sole intention is to damage legitimate companies for their profit, by publishing "trash" as exhibited of Mr. Richter of Tectonic Investments of Philadelphia via his interview with CNBC.

The total basis for Mr. Richter's remarks are conjecture and falsehoods. Throw in a little of "his analysis" and you end up with a totally distorted view of the facts.

How do I know this? Because I just returned from a ten day trip to China to find out, first-hand, what were the truths and falsehoods regarding Kandi. With me were five other investors who wanted to complete their Due Diligence research by seeing with their own eyes what is real and what is "pump." Well we all found out that Kandi is a legitimate EV manufacturer and is currently #1 in EV sales and production in China. I know it because I actually read the Chinese EV Production Reports put out by the Chinese Central Government...And yes, Kandi is #1. To further substantiate those reports our small group of investors visited the three existing manufacturing facilities of Kandi and the Joint Venture of Kandi and Geely. Mr. Richter, in his 15 seconds of fame, told Mr. Jannarone, "that based on his analysis, Geely has made a very small contribution to the JV and won't be involved in the future." How does Mr. Richter know this insiders information? He doesn't! His statement is but another example of irresponsible analysis based on nothing. Remember Seinfeld? The facts are that during my trip I talked to former executives who worked for Geely, who now work for the Joint Venture, who indicated that production at the Shanghai facility was increasing rapidly and were very excited about the roll-out in China's second largest city. Oh, and let me not forget that Mr. Richter stated that Geely had made only a small contribution to the JV. If putting up $130,000,000, supplying some of the redesigned car designs, contributing Geely EV technology, providing design personnel from Geely to the JV, and also reassigning Geely's top sales and marketing executive to the the JV, is a small contribution then I defer to Mr. Richter's analysis. Do your homework Mr. Richter.

He also commented on Alfred Wong being the accountant and auditor for Kandi. Suggested that Kandi would be wise to find a more prestigious firm. Little does he know that Alfred Wong and Co. are ranked as #7 in Hong Kong as an SEC auditor. What's your background Mr. Richter? Yes, I made notice of your MIT degree. Congratulations! Unfortunately, however, it was in engineering and not business.

I don't wish to respond to Mr. Richter's other comments which have absolutely no merit or coherence in his rationale on what bothered him about Kandi. I will only say that Kandi is alive and well and sooner, rather than later, this short attack which Mr. Richter has been part of will disappear. Success has a way of evening things out in the long run.

Let's face it Mr. Richter, you came in second in this contest not by your knowledge of the EV industry, although you say you have a history, and or Kandi, but by sheer luck. Or, someone tipped you off of a concerted short attack on Kandi. I don't know which applies here. But, suffice it to say you have no first-hand knowledge of Kandi and shouldn't have overstepped your bounds by showing how smart you aren't.

I do, however, suggest you read my upcoming article on Kandi in seekingalpha.com next week. You will hopefully learn much more than you possess now...Remember, I was there.

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KARL.RICHTER SOONERGOLD1 • a day ago

Soonergold,

I am interested to hear about your trip to China and will look out for your next article.

I respectfully dispute your claim that Albert Wong is ranked as the #7 auditor in Hong Kong.

Albert's website lists his clients:
http://www.albertwongllp.com/

And you can also do a text search on edgar and see for yourself how often Albert Wong appears as auditor for other US equity issuers filing with the SEC.

Another resource I would recommend for your due diligence is the Public Company Accounting Oversight Board: www.pcaobus.org

What you will see there is that the current year self-report by Albert Wong (HK entity) that he filed June 2014 shows 14 issuer clients. ALL of those clients except for Kandi are penny stocks.

You can also read about the PCAOB inspection in 2013 of Albert Wong & Co LLP (the New York entity) which indicates this office has 6 clients:
http://pcaobus.org/Inspections...

And you can see the PCAOB inspection of Albert Wong & Co (Hong Kong entity) from 2010, which appears to be the last visit to that office. At that time, Albert told PCAOB they had 10 issuer clients.
http://pcaobus.org/Inspections...
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SOONERGOLD1 KARL.RICHTER • 7 hours ago

Mr. Richter,

I appreciate your reply. Although your assessment of Alfred Wong & Co. might be different than mine I am convinced that his company knows what they are doing and is independent. I do not make statements which I can't corroborate (see below).

Firstly, the SEC has never investigated and or brought to task any of his certified audits to the SEC. Secondly, as an example of his independence his company insisted that Kandi accept GAAP procedures of reporting approximately 2 years ago, AW&C has also publicly stated that Kandi needed to shore up their accounting control procedures about a year ago. If his company was anything short of honest, as in bought and paid for, he wouldn't have taken those actions.

Please find below the Top 25 Hong Kong SEC Auditor Rankings:

http://www.marcumbp.com/TOP25S...

Btw, do you have any degrees in accounting to support your belittling of AW&C? I do....

I must confess, that I feel your analysis, somewhat based on already refuted allegations by Sharesleuth in the past, and the character assassination of Arthur Porcari as per Chris Carey of that same "rag", were the basis of my responses to you previously. I felt that you buying into what Mr. Carey said, and then making it an integral part of your submission to FactSet was not only irresponsible but nasty. Btw, to my knowledge, the SEC findings and subsequent censure of Mr. Porcari was not a "criminal action" as alleged by Mr. Carey, and substantially repeated by you when you did your cut and paste job of Mr. Carey's rantings. Look it up. It's public record. If you had pled your analysis based solely on your own DD you might have established a modicum of credibility, but you chose otherwise. Then again, I basically differ with just about all your analysis, excepting some statements here and there. I hate saying this, but your research was shoddy at best. I know..I was there and saw and learned with my own eyes and ears some of the outstanding questions that I needed to answer for myself. Mr. Richter, truth be told, some of your more outrageous conclusions are puzzling which must have been based on guesswork and not fact.

Know this Mr. Richter. Anyone can character assassinate another. If I chose to, which I don't, not my style unless provoked, I'd venture to say that you and your company could not withstand an aggressive assault by innuendo, misleading statements, and outright falsehoods. Everybody has weaknesses or vulnerabilities Mr. Richter. Don't make this a game of personal considerations. Stick with facts that are integral to what you are really writing about. Example: If someone would target you personally any response you might have will be after the fact, and any apologies, retractions and or corrections will be published on page 48 of the NY Post. Get my meaning? Stay away from that crap.

Another $.02 worth of advice, If you have something to say do not utilize the "trash" of others to justify your conclusions or unwittingly or do the dirty work of others; especially listening to one Chris Carey who has carried a vendetta of sorts with Kandi for over seven years. He has failed at every turn and will continue to do so in the long term. His mistake from the beginning has been that he has made this personal. Please don't get caught up in his web of deceit and contradiction.

Btw, on a positive note, you are the first of Kandi's detractors, who have had the courage to enter into any kind of conversation with me. I appreciate that.

Harris Goldman
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John Jannarone SOONERGOLD1 • 2 days ago

The link to his entire report is available via the hyperlink.
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SOONERGOLD1 John Jannarone • 2 days ago

Thanks John...I have just finished reading his semi-professional analysis, wink wink, and would love the opportunity to go head to head with Mr. Richter to see who is telling the truth and who is living in Fantasyland. Could you arrange that? Much of what he says in his factless analysis appears to be almost a cut and paste job from previous attack articles by Sharesleuth on Kandi. Now I get it! Missed it the first time around. He talked to Chris Carey who has been attacking Kandi for over seven years. I still remember the "mysterious spy" episode in which he claimed that one of his investigators found out, from an unnamed source of course, that Kandi was a total fraud. Chris Carey the infamous shill for Mark Cuban, owner of the Mavericks, who finances Sharesleuth and shorts Mr. Carey's recommendations...Open record John. Part of the SEC's investigation of Mr. Cuban. Cuban actually admits it under examination. Ethical considerations be damned!

A couple of things I'm very curious about....His analysis of the Geely/Kandi connection of contributions relies on conversations he had with Geely executives. Was one a Li Shufu? When I write articles I always attribute important conversations with a name or a link as to who provided me this information. It's called the credibility factor. Mr. Richter just says he talked with somebody...Nameless. My question, which we readers have a right to know, is with whom? Was it the janitor, the chauffeur, or the milkman? To be fair I take what he said as a "falsehood" unless I know whom he talked to and would be willing to corroborate his assertions ...Again, this isn't a "deep throat" from Watergate scenario. Or, is his copycatting his mentor Chris Carey with another "mysterious spy" episode.

The next thing I'm curious about is his claim that Kandi EV's are nothing more than glorified golf carts. How does he know this. Has he ever driven one? Does he also know that the MIIT has approved Kandi and it's EV's for road use? Does he even know who the MIIT is? The facts are that he hasn't ever driven a Kandi EV, and for Mr. Richter's edification the MIIT is the testing and approval arm of the Central Government on all vehicles whether they be ICE's or EV's. It might surprise Mr. Richter that Kandi has over ten approved models for road worthy cars and light trucks/vans...As to my original question on whether Mr. Richter has ever driven one to come to his conclusions that Kandi isn't a legitimate EV manufacturer. Well Mr. Richter, I have ridden two. Yes, It's no Tesla but it doesn't have to be one. I reached 50 mph in my test run. That was both in the two and four-door models. Btw, Kandi just recently announced a redesigned Geely Legrand EV model that will be released before the end of 2014 under the Kandi logo. Listen to Mr. Richter when he says how Geely is not contributing very much to the JV. I guess it's good to know he has a "deep throat" source every once in a while. And Mr. Richter the age old cliche still rings true..."If you're willing to give you also must be willing to receive."

Apparently, Mr. Richter can't get over and doesn't quite understand is that Kandi and Tesla are not competitors. Kandi is creating affordable, serviceable inner city cars for the emerging middle class of China. Kandi doesn't sell their EV's to the end user. It only rents or leases them. That's their business model, and it's working. He also is completely ignorant as to Kandi's game changing technology named QBEX for EV's. My oh my, glorified golf-carts he says. Now that I think about it Mr. Richter should read all my articles on Kandi that appeared in seekingalpha.com. Mr. Richter to expand his knowledge horizon from just Chris Carey.

That's all for the moment. Maybe Mr. Richter will show up here for a little not so private tete a tete. I would like that.
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KARL.RICHTER SOONERGOLD1 • a day ago

Soonergold,

All comments appearing in "quotes" in my note about Geely are attributable to a Geely executive. I have not attempted to reach Li Shufu directly.

Lively conversation! Let's continue it and get to the truth!
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Arthur Porcari KARL.RICHTER • 5 hours ago

Mr. Richter, You said: "All comments appearing in "quotes" in my note about Geely are attributable to a Geely executive."

Is this comment just a subterfuge thinking that a reader will just take your word or are you serious?

I just went back to read your "note" and I only see the following in "quotes"

The word "disposal"

The partial sentence; "the business scope of the JV is to develop, manufacture, and sell auto parts"

The partial sentence; "the parties agreed the JV can use certain of their trademarks, patents and technologies free of charge and have entered into patent license agreements with the JV"

the two words: "disposal of"

the partial sentence; "it is inappropriate for me to answer questions about Kandi Electric"

and finally, "Geely's new energy product and technology plan is independent from the JV and involves quite a lot of other technology partners, technologies and products"

This all sound almost exactly like the language that was in the Initial JV agreement filed with the SEC 20 months ago. So how is it that you now feel something has changed? Or is this just another example of the "Big Lie" theory where one person makes such an outrageous statement that he expects a reader to believe its true without checking for oneself"?

Link to the original JV agreement. SEC form 8K

http://www.sec.gov/Archives/ed...
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Platon Petratos Arthur Porcari • 2 minutes ago

Art, don't you realize that Karl is lame. He possess no smoking gun and is not even keeping up with the facts. It's a dog and pony show now for him now. Anybody investing with Karl should seriously consider a change in venue.
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SOONERGOLD1 KARL.RICHTER • 7 hours ago

Name a name! How would we know that your conclusion has any validity without corroboration?

C'mon Mr. Richter we have gone through this lame exercise before.
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Steve Fowler KARL.RICHTER • 12 hours ago

Mr. Richter, I was also among the group of Kandi investors that visited China to check out Kandi, and spoke directly to Mr. Hu a month ago. Here is a excerpt for our notes on Mr. Hu's direct comments about Geely's contribution and committment to the JV....

He, (Mr. Hu) also feels lucky that Geely came to operate with his business.
Geely has three main businesses:
1) Traditional Cars
2) New Energy Industry
3) Volvo

And Geely puts the New Energy Vehicles as a high priority. That's why it has put a lot of resources into the JV. For example - the four most talented people from Geely have come to the JV.

I posted this information on the Kandi private board over a week ago.
Mr. RIchter, are you calling Mr. Hu a liar?
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Steve Fowler Steve Fowler • 12 hours ago

Also, Mr. Hu mentioned that Geely has, and continues to, contribute greatly to the JV R&D and IP efforts (the coming launch of the Cyclone, the Urban Beauty, and the City Cowboy models are evidence of that. Did you notice the touch screen dash on the interior picture of the Cyclone? Where do you think that technology came from?
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Arthur Porcari • 2 days ago

BTW, KNDI does have a research following in China with "Overweight" Ratings. Perhaps you should do your own homework before pontificating ignorance.

Shun International Securities -Kandi-Overweight Rating

"Condi car industry (KNDI): a new model electric passenger beneficiaries. Company shares left-right business model using time-sharing operating lease Hangzhou micro bus project, due to the effective subsidies and policy support, Kandi pure electric cars selling well, sales in 2014 are expected to pure electric vehicles will reach more than 12,500 amount, earnings significantly improved, while Condit and Zhuhai, Chongqing, Suzhou, Sanya City, signed a memorandum of timesharing plans to promote electric vehicles leasing business model.Established in Shanghai in cooperation with Geely Maple phase electric car production line in February 2014, production capacity bottleneck break, future sales are expected to continue to improve, maintain "overweight" rating."

http://translate.google.com/tr...

Citi Orient Securities- KNDI - "Overweight"

http://translate.google.com/tr...

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Arthur Porcari • 2 days ago

Re-KNDI- Geely to date has invested over $130 million USD in the KNDI Geely JV as per their own financial reports in just over a year. . Just this week KNDI put out a PR on a new EV that was spawned from both KNDI and Geely to add to the 13000 or so EVs they have jointly made so far this year. .

Kandi's New Pure Electric Vehicle Model "Cyclone" Expected to Launch at Year End

By GlobeNewswire, October 06, 2014, 08:32:00 AM EDT

JINHUA, China, Oct. 6, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (Nasdaq:KNDI) (the "Company" or "Kandi"), today announced that its new pure electric vehicle model KD17 "Cyclone", jointly developed by Kandi and Geely Automobile Holdings Ltd. ("Geely"), passed the evaluation done by the executive team of Kandi Electric Vehicles Group Co., Ltd, the joint venture formed by Kandi and Geely's 99%-owned subsidiary, on September 30, 2014.

Read more: http://www.nasdaq.com/press-re...

What grounds doe this Richter shill have for making the below comment? Particularly since Geely has transferred over some of its top long time Executives to the JV to include its 20 Year Sr. VP of Marketing to the same position at the JV.

"Richter said. But based on his analysis, Geely has made a very small contribution to the JV and won't be involved in the future."

I am curious. KNDI has had a short in excess of 3 million shares since it was trading below $4 a share over a year ago. At that time the float was half of what it is today due to KNDI being able to get SEC Registrations on several financings (apparently the SEC is not as concerned about KNDI's auditors as you are) Now the short has had to suffer the price is it tripled during that time and the short has jumped to 7 as reported just yesterday million after the stock has taken two rides to over $22 this year.

What awards were you giving when your short selling friends were struggling with massive paper losses at that time? Or is this piece of yours just a panic sign of desperation by shorts buddies who now see the volume going away an are still stuck in a 7 days to cover short?

KNDI will be reporting Q 3 numbers one month from today. It has been published on many third party media sites both in China and the US that KNDI was ranked #8 in 1st Half World Wide EV/ Hybrid EV sales behind such luminaries as Nissan Leaf, Ford, Chevy, BMW, Mitsubishi, BYD, Toyota and Tesla. I don't blame the shorts from panicking and needing your pathetic services to help them cover before earning come out..

http://translate.google.com/tr...

BTW, The below link is an article published today in China by International Economist, Jeremy Rifkin that Ranks KNDI's China CarShare by name up there with the ranks of AliBaba in developing a much needed Divestiture Technology for China..

https://translate.google.com/t...

Good luck to your short selling buddies, they are going to need it.

JMHO

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Tyler Blake • 2 days ago

So.. the suggestion is to short $KNDI which is going to be pumped by the chinese govt sort of like how Daqin Railway and others are pumped by the CCP. I thought these 'professionals' learned from shorting TSLA not to short things that are subsidized by the government and have a high growth trajectory. What nonsense. Some more investors are going to lose the shirts on their backs due to the inanity of so called 'professionals' who just don't get it.

Where's Whitney Tilson? Maybe get his input on shorting Tesla and how that worked out.

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SmarterestestHuman • 2 days ago

This is an utter distortion on KNDI. Chinese Gov't is offering subsidies to people who buy KNDI EVs. Growth QoQ is in the 100's of %s, so this 'game' short sellers play is not at all based on reality.