China Growth Stocks

[derek2000]

KNDI: This is indeed a major milestone for the company.

Among the three partners: KNDI (Nasdaq traded, electric car manufacturer), Tianneng is a HK traded battery company, Bada is a subsidiary of State Grid Power, which manages the power grid for whole China.

Tianneng's 1H10 revenue is RMB$1.7B (growth rate 74%), with a profit of RMB$300m. Tianneng successfully organized the Summit Forum of China Electric Vehicle Development. Tianneng's market cap is $3.4B (HK dollar?)
http://finance.yahoo.com/q?s=0819.HK

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On September 28, 2010, Kandi Technologies, Corp. (the "Company") entered into a joint venture agreement (the "Agreement") with Tianneng Power International, Ltd., a battery manufacturer ("Tianneng"), and Jinhua Bada Group, a subsidiary of State Grid Power Corporation, China's largest power company ("Bada Group"), in order to create an electric vehicle battery rental and replacement services company, which will provide battery changing stations for the Company's electric vehicle purchasers. The Company will own 30% of the new company; Tinneng will own 30%, and Bada Group will own 40%.

Prior to the date of the Agreement, there were no material relationships between the Company or any of its affiliates and Tianneng and Bada Group.