Shares of Kandi Technologies Group Inc. hit hard Monday, after Hindenburg Research took a swipe at the China-based electric vehicle and battery packs maker by alleging “fake sales” to undisclosed affiliates of the company.
The largest customer, representing more than half of LTM sales shared a phone number with a Kandi subsidiary, and shared an executive with Kandi. Kandi declined a request by MarketWatch for comment. The company did warn in its 10-Q quarterly filing with the Securities and Exchange Commission earlier this month that it may increasingly become a “target” for scrutiny by the public, including “complaints” to regulatory agencies and “malicious allegations.”
Among other China EV makers, shares of Nio Inc. NIO, -6.42% were the most active of the lot, as they fell 4.2% on volume of 157.5 million shares, and were down 6.5% since closing at a record $55.38 on Nov. 23.Bucking the weakness in the China-based EV sector, China Automotive Systems Inc.’s stock CAAS, +174.15% more than doubled, skyrocketing 113.6% after the Wuhan-based company said it has shipped about 120,000 of its electric power-steering products so far this year.
. The short seller put a photo of summer 2020. If They knew at this moment it used faje data and let the sale...
Hope $KNDI has answers
horrible
.jimcramer called it, stay away for chinese evo stocks, they always bullshit numbers MadMoneyOnCNBC cnbc TheStreet