Please tell Hu to sue me in the BVI courts as that would be a convenient location for both of us.
I have no interest in saving anyone from a scam. If Porcari doesn't get your money it would have been someone else. I now suggest that you purchase as many shares of Kandi as you can at the first opportunity. Your belief that the SEC is corrupt should bring you great comfort in the future. Maybe the private board can start a class action suit against the SEC.
Shares in strong hands with a running count kept on a private message board is a hallmark of Porcari scams, although many others run that same scheme. Porcari's most recent was Omog Oil, Host America, and House of Brussels Chocalates but he ran this one as far back as the last century with Great White Marine.
People like azbo and ohbabyno, assuming they are not the same person, using multiple aliases post messages every day of additional purchases and predicting the imminent short squeeze that will make everybody holding their shares wealthy beyond their wildest dreams. Meanwhile, the share price keeps falling as the sellers, usually the CEO of the scam, insiders and facilitators like Porcari & Fearnow keep dumping.
OK, maybe you can't read messages on Seeking Alpha until you sign up for the free membership, so here is a quick summary of the info:
In 2012 Kandi purchased Yongkang Scrou from Ko Nga Investment for 2,354,211 shares of Kandi valued at $7.9 Million. The share transfer agreement was filed with the SEC when Kandi filed their next 10-Q, so you can look that up.
In the share transfer agreement filed with the SEC 7 people were listed as the owners of Ko Nga Investment, and you can read their names in that filing.
On Monday of this week, the Panama Papers came online as a searchable database and, low and behold, with the veil of secrecy behind some offshore companies pierced there is Hu Xiaoming listed as the real owner of Ko Nga Investment.
What do you think the SEC is going to do to a CEO who lied to them and used company shares to buy a company from himself?
I have shorted the stock, but I am not obligated to save anyone from their own stupidity. You have opportunity to read the messages that I have posted on Seeking Alpha, but I really don't care if you can't be bothered. If you would rather hold fast to your beliefs and lose everything instead of the difference between what you paid and what you can sell it for before the sell off begins, it is not going to bother me the least bit.
Do a Google search on "Ko Nga Investments" and read the messages that I have posted elsewhere. The information you need will be found there, what you choose to do with it is your decision.
If he had thrown himself under a Kandi EV he would still be alive today. You don't have to worry about one of them speeding, or even moving.
Do you want Hu to issue a press release explaining why his name appears as the owner of a BVI company Ko Nga Investments in the Panama Papers leak?
Please be patient, I'm sure the SEC has already asked him that question. Maybe he has multiple personality disorder and he really believes that he is all those people he told the SEC that he purchased Yongkang Scrou from.
No other stock brings red to your portfolio like Kandi.
You can lead a horse to water but you can't make him drink!
If someone told me that Kandi was going to have $500M in sales next quarter, and provided sufficient information for me to go and independently verify the veracity of the statement before the rest of the market became aware of it, then I would purchase some shares of Kandi and wait for the next 10-Q to be filed. Knowing Kandi, I would suspect some sleight of hand but nevertheless I would purchase shares knowing that the probability of the price rising would be in my favour when the next 10-Q was filed.
I have given you everything you need to verify that Hu filed false and misleading information with the SEC about Ko Nga Investments, but instead of shorting the stock or buying Puts, you decided to buy more shares. Congratulations, you are down 6% on yesterdays purchase, so be sure to average down tomorrow when it really starts to tank based on information that was provided to you 24 hours before the rest of the market starts to hear the news.
If you had paid attention in math class you would be able to understand a bit better on how percentages are calculated. The company is INCREASING the float. lol. Here is the info from the most recent 10-K and 10-Q:
The number of shares of common stock outstanding as of March 7, 2016 was 47,019,638.
As of May 3, 2016, the registrant had issued and outstanding 47,689,638 shares of common stock, par value $0.001 per share.
That's 670,000 shares in six weeks. It takes a while to short all of those. I keep trying, but the company is issuing faster than I can short.
I sent an email to Jim Cramer asking for advice on behalf of Kandi shareholders. If he responds then I will pass that advice on you. At the very least, we can only hope that he doesn't compare Kandi with Arctic Cat again.
Breaking news. Look for the searchable database of the Panama Papers leak and search for Hu Xiaoming. He is listed as the Owner and Director of Ko Nga Investments, the company Kandi purchased Yongkang Scrou Electric from for $7 million. In filings with the SEC he listed a different set of owners. lol.
If your cost average is $7.12 then you really haven't been trying hard enough at throwing good money after bad. Maybe tomorrow you can throw away some more.
Did you read the 10-Q in detail? Did you notice that $30M or 59% of Q1 sales were to the mysterious Jinhua Chaoneng Automobile Sales Co. Ltd? A company that has never ever sold anything to anyone else, and has never purchased anything from any other company than Kandi.
Jinhua Chaoneng Automobile Sales Co. Ltd. is a company that Hu pulled out of a hat when the SEC started asking him questions back in 2012/13.
What would Q1 have looked like if Chef Hu wasn't able to conjure up that $30M sale?
An old customer who hasn't purchased anything since 2013 has come back and made a $30 million purchase of battery packs from them. If the mysterious Jinhua Chaoneng Auto had not returned, sales of only $20M for Q1 would have caused Kandi to tank. It's nice to have old go-kart buddies to call on. lol.
From January to June 2013, sales to the following companies which each accounted for more than 10% of our consolidated revenue were:
1) Jinhua Baoxiang Import & Export Co., Ltd: 45%, not a related party.
2) Zhejiang Jin Li Ma Trading Co., Ltd.: 19%, not a related party
3) Jinhua Chaoneng Auto Sales Co., Ltd.: 19%, not a related party.
4) Eliteway Motorsports: 11%,not a related party.
As to our EV business, the main customers between January and June 2013 are Jinhua Chaoneng Auto Sales Co., Ltd. mentioned above at number 3) and Jinhua Limin New Energy Vehicles Co., Ltd., which accounts less for 10% of our total revenue.
Chats with his friends on the private board during a conference call during which none of the 1000 members on the private board noticed that he did not include money owed by the JV in the financial statement that accompanied the press release, so Hu goes to bed happy to know that Porcari can explain it all.