The JV Formation itself does not constitute a notifiable transaction for the Company under the Listing Rules. However, as the Call Option and the Put Option are exercisable at the discretion of BNP Paribas Personal Finance and the exercise prices for the Call Option and the Put Option are to be determined based on the Fair Market Value of the JV Company at the time of exercise, the grant of the Call Option and the Put Option will be classified as at least a major transaction for the Company pursuant to Rule 14.76(1) of the Listing Rules. Accordingly, the grant of the Call Option and the Put Option and the transactions contemplated thereunder the JV Agreement constitute a major transaction for the Company and are subject to the Shareholders’ approval at the EGM.
A circular containing, among other things, (i) further information about the grant of the Call Option and the Put Option and the transactions contemplated under the JV Agreement; (ii) information required under Chapter 14 of the Listing Rules; and (iii) a notice convening the EGM to approve the JV Agreement, the grant of the Call Option and the Put Option will be despatched to the Shareholders on or before 8 January 2014.
Pursuant to the terms of the JV Agreement, the following options were granted to BNP Paribas Personal Finance and the Company, respectively:
(a) the Call Option
An option was granted to BNP Paribas Personal Finance pursuant to which BNP Paribas
Personal Finance has the right at any time within 2 years after the Lock-up Period to acquire from the Company such equity interest in the JV Company to increase BNP Paribas Personal Finance’s interest in the JV Company to up to 50%.
(b) the Put Option
An option was granted to BNP Paribas Personal Finance pursuant to which BNP Paribas Personal Finance has the right at any time after the Lock-up Period to dispose of its entire equity interest in the JV Company to the Company upon the occurrence of any of the Option Triggering Events. However, in case BNP Paribas Personal Finance exercises the Call Option, certain events will cease to be the Option Triggering Events and one of the Option Triggering Events will be modified three years after the completion of the Call Option.
Purchase 10,000 shares and you might want to start looking in trailer parks for a first home.
Once again pumped on news Geely didn't find worthy of a press release, and going back down quicker than a two-bit mogou.
You are fantasizing, and I doubt that thinking was ever one of your strong points. Geely owns the company that makes the London Taxi cabs, which is an automobile. Geely, (note in about five years time) will start making an electric version of those cabs. It has absolutely nothing to do with the Geely/Kandi JV.
Just another pumping press release from the crooks at Kandi.
Here is another reason:
BEIJING (Reuters) - Ford Motor Co (NYS:F) and its local partners in China sold a total 99,157 vehicles on a wholesale basis in November, up 47 percent from a year earlier, the company said on Thursday.
That compared with a 55 percent increase in October.
In the first 11 months of the year, sales by the Dearborn, Michigan-based automaker totaled 840,975 vehicles, up 51 percent from the same period last year.
Any numbers from Kandi on their subsidies from the government yet?
Stealing from Americans is good business practice. Stealing from Chinese is corruption and attracts a death sentence. Humama never raised no fools.
Looks like Kandi reversed course on the announcement. lol. Maybe they could file another S3 to sell shares to raise funds to repurchase shares.
OK, it was July 2011 when they announce they buy back, but they never repurchased a single share and instead increased the outstanding by 10 million. That's Hu gangnam style, so look for him to recycle that press release after he has to confess that Kandi has received no money under the EV incentive program.
Even more recent projections from Arthur Porcari - the year 2013
But as far as 2015, is concerned, I have raised my target to between 125,000 to 150,000 EV's.
April 25, 2013
And lastly, factoring in an additional 5000 of KNDI's own EV sales in Jinhua, the CarShare and a few other miscellaneous sales should generate an additional $.15, you will then get KNDI conservatively earnings of around $1.50 a share over the next twelve months and total EV sales of 20 to 30,000 units. Could this slip a few months? Sure, but these are hard pending orders.
June 24, 2013
But, Q4 7000 cars looks like a no brainer for the balance of the year. So $80-100 mill for the second half looks in the bank.
2014 looks like an easy $350-$400 million $1.75- $2.25 per share.
October 8, 2013
More projections from Arthur Porcari - this time in 2012
When I wrote my last article on KNDI last December, based on news out of China, I expected the 20,000 Hangzhou order to have been received and all delivered by the end of 2012. So I attempted to provide and revenue and earnings projection for 2012. This of course did not happen, so rather than twice look foolish, I am going to defer to both Konrad's and IPI's estimates which should put revenues this year well over doubling to around $90-100 million and net around $.60 a share;. And next year top line doubling again with net over $1.20 a share. And now particularly with the new Shandong Province facility on the table which the Company said could generate a half billion additional a year, I am standing by my 2015 estimate of over a Billion in revenues and net income approaching $6 a share.
August 13, 2012
Everyone that I know involved in this stock is fully aware that the only temporary hold up in KNDI starting to deliver on this $135 million 12-18 month order is Hangzhou finalizing the new, more attractive subsidy program which is much more attractive and more closely follows the conclusion of the PRC in the 22 page Policy Report, I write about above. From our contacts in Hangzhou, it should be ready in just a matter of days after which KNDI will immediately begin shipment of the 20000 ev program to CALB for the Hangzhou Leasing Program, CALB is a division of "Lithium in the Air" PRC State Owned Enterprise.
September 28, 2012
Arthur Porcari has been very accurate in his projections. Here are a few:
With the recent confirmation into a purchase order of KNDI’s previously announced LOI on a thousand car Italian sale (which amazingly saw the stock accelerate on the downside), I am very comfortable that KNDI will sell a minimum 5000 EV’s this year, with a doubling of that number easily possible.
Mar 21, 2011.
In Jinhua, it will sell 3000 KD5010s at $6100 each will generate an additional $18+ million. Additional sales of say 2000 in at least Italy and the US will add another $10-12 million. Together this would bring KNDI’s EV sales alone by the end of 2012 up to $128-168 million.
July 20, 2011.
On December 31, 2010, Jinhua Three Parties New Energy Vehicles Service Co., ltd. (“Jinhua Service”) was formed by a joint venture among the State Grid Power Corporation, Tianneng Power International, Inc. and Kandi Vehicles. The joint venture established the first Chinese electric super-mini automobile battery replacement service provider. The Company owns 30% of Jinhua Service.
Since they only own 30% there is no requirement to report profits and losses of this subsidiary to the SEC. We have no way of knowing what the losses are, but we can be sure there are no profits since there is nothing in Kandi’s revenue stream for the last three years.
How much did Kandi invest in Jinhua Service? Essentially all of the $15 million net raised by the sale of 3 million shares in December 2010.
Kandi shareholders aren’t getting much return on that $15 million 3-year investment now are they?
For further research, check how much they have siphoned off to EV production lines and partnerships adding more dilution and less ownership to the Kandi shareholder for the measly number of EV’s they sell each year.
1,892 units in 2009
1,618 units in 2010.
1,077 units in 2011
3,915 units in 2012
1,126 units in 2013 (first 9 months)
Geely took $80 million from Kandi to build a factory which will not earn Kandi even $80 thousand in the next financial year. The $80 million Kandi raised by selling shares of the Nasdaq listed stock to people like you. You might say Geely facilitated Hu in moving $80 million away from the company, and here you are singing their praises.
From China Auto Web
Chinese-Made Electric Cars
All the following pure-electric cars are reported to have a top speed of no less than 90km/h, and aimed for volume production. No Kandi for you or Hu.
Beijing Auto (BAIC) C30 EV
Beijing Auto (BAIC) E150 EV
BMW Brilliance 1E
Changan Benni EV
Changan E30 EV
Chery Riich M1
Dongfeng Nissan Venucia E30
FAW Besturn B50 EV
Foton Midi EV
Great Wall Haval M3 EV
GreenWheel EV Jimma (Jummer)
Hafei Saibao EV
Haima Freema EV
JAC J3 EV (iev)
Lifan 320 EV
Lifan 620 EV
Lifan 620 EV
SAIC Roewe E50 E50
Shanghai-GM Springo EV (Chevy Sail EV)
Zotye 5008 (Nomad II) EV
Zotye M300 EV
Bad news from the Wall Street Journal today.
SHANGHAI—Even for a foreign visitor to Shanghai, renting an electric car is easy. All that's required is a valid driver's license and a passport. And it's surprisingly cheap: eHi Car Service Ltd. charges the equivalent of just $25 a day for a Chinese-built Roewe with a range of about 90 kilometers.
But having completed the paperwork, picked up the keys and eased silently into Shanghai's chaotic traffic, the first-time electric car driver in the city quickly notices that nobody else appears to be driving one. In fact, there are at most 500 electric cars in Shanghai out of a total of about one million passenger vehicles, according to Zhang Dawei, the founder of EV Buy, a Shanghai company that sources and services electric cars for individuals and corporate users.
The upshot of all this is that China is hopelessly behind on its target for electric car ownership. The five-year plan calls for 500,000 battery-electric and plug-in electric vehicles by 2015, and five million by 2020. But last year, Chinese consumers bought only 11,375 electric cars and 1,416 plug ins, according to the China Association of Automobile Manufacturers. That's despite subsidies that go as high as $20,000 per car.
The Chinese government's new strategy appears to be to promote plug-in hybrids as an interim technology before fully electric cars kick in. That would be a pragmatic response to the collapse of a key policy initiative. But it's also a lesson in the potholes that President Xi Jinping faces on his long road to creating an innovative economy.
JINHUA, China, Sept. 19, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (KNDI), today announced that the Chinese government finally unveiled its long anticipated subsidy policy for new energy vehicles upon the approval by the State Council.
According to the Notice, the central government will provide, based on certain technical requirement, up to RMB 60,000 (approximately USD 9,800) for the purchase of an all-electric passenger vehicle and up to RMB 500,000 (approximately USD 81,700) for the purchase of an electric bus. The subsidy payments will be distributed to the manufacturers on a quarterly basis in advance and the subsidies will then be paid by the manufacturers directly to the consumers.
With no announcement we can assume that no subsidy payment has been made to Kandi in advance. Confirmation will be found in the 10-Q.
If you think the statement is ridiculous then write to Kandi IR and ask why Kandi is not a member of the Chinese Auto Manufacturers Association.
That's really bad news for Kandi. In a notice on Sept. 17, the four ministries said manufacturers of pure electric automobiles, plug-in hybrid electric vehicles and fuel cell cars will be eligible for subsidies.
Kandi does NOT make an automobile.
Kandi does NOT make a plug-in hybrid EV.
Kandi does NOT make a fuel cell car.