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Kandi Technologies

$11.92 /

-1.7 (-12.48%)


Kandi sinks after Hindenburg calls 'brazen scheme' in short report

Kandi Technologies is a "brazen scheme" that falsifies revenue using fake sales to undisclosed affiliates, Nathan Anderson's Hindenburg Research says in a new short report. The firm says its investigation found that almost 64% of Kandi's last twelve months sales have been to undisclosed related parties. "We think Kandi has engaged in a major fake revenue scheme, hyping its story to U.S. investors, in order to take advantage of regulatory gaps enabling China-based companies to siphon cash from U.S. capital markets with impunity," writes Hindenburg in the report posted on its website. Shares of Kandi Technologies are down 17%, or $2.35, to $11.27 following the report. Reference Link

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