Kandi Technologies Group (KNDI) Reports Resignation of CFO Mei Bing; Appoints Zhu Xiaoying as Interim CFO and Wang Yuanyao as Interim VP of Finance

February 1, 2019 4:11 PM EST

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Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) announced today that Mr. Mei Bing, resigned from the Chief Financial Officer position for his personal reasons, to pursue other opportunities effective January 29, 2019. The board of directors approved his resignation. Mr. Mei’s resignation is not the result of any dispute or disagreement with the Company. The board has appointed Ms. Zhu Xiaoying as interim Chief Financial Officer, effective January 29, 2019. Additionally, the board has appointed Ms. Wang Yuanyao as Vice President of Finance, effective February 1, 2019.

Ms. Zhu has been engaged in the financial management industry for over 20 years. She has extensive experience in the financial management of publicly traded companies. From October 2003 to June 2007, Ms. Zhu was the Chief Financial Officer of Zhejiang Kandi Vehicle Co., Ltd.; from June 29, 2007 to April 30, 2015, Ms. Zhu served as Kandi’s Chief Financial Officer. After her time as Kandi’s Chief Financial Officer, she returned to Zhejiang Kandi Vehicle Co., Ltd. as its Chief Financial Officer, where she is currently employed. Prior to 2003, Ms. Zhu served as a financial manager at Zhejiang YongKang Auto Manufacturing Company. Ms. Zhu graduated from Hangzhou University of Electronic Technology with a degree in accounting in July 1992 and obtained the EMBA certificate from Hong Kong Polytechnic University in 2011. Ms. Zhu has obtained qualification certificate of the chief financial officer, the international registered internal auditor (CIA) qualification certificate, the CMMA international registered management accountant qualification certificate, and the national first-level credit manager qualification certificate in China.

Ms. Wang Yuanyao has over 12 years of experience in the finance, audit, and investment fields with a focus on M&A, strategic planning, budgeting, business support, and internal controls. Prior to joining Kandi, Ms. Wang worked for KPMG (China) as an auditor from 2006 to 2011 with extensive auditing experience for companies in the U.S. market in addition to significant internal control experience in complying with U.S. GAAP and the Sarbanes-Oxley Act. From 2011 to 2012, Ms. Wang served as finance manager of Owens Corning, a U.S. publicly traded company. After that, Ms. Wang served as Chief Investment Officer of Oriental Capital from 2012 to 2014; Director of Kaihe Capital from 2014 to 2016; and CFO of Shanghai Bojiang Capital and three subsidiaries owned by Fosun Group from 2017 to 2018. Ms. Wang obtained a CIA certificate and has extensive experience in International Accounting Standards. Ms. Wang received a B.S. degree in Economics from Zhejiang University in Hangzhou, China and a M.S. degree from Norwegian Business School.

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, “We are thankful for Mr. Mei Bing’s great work as CFO over the past two years and wish him the best in his future endeavors. Ms. Zhu was the first CFO of the Company since it was listed in 2007. After her departure from the CFO position of the Company in May 2015, she continued to serve as the CFO of Zhejiang Kandi Vehicles Co., Ltd., Kandi’s wholly-owned subsidiary until today. Being an important member of our management team, Ms. Zhu has played a key role in the Company's financial management. We believe that Ms. Zhu is the most suitable interim CFO candidate and will lead our finance team to make greater contributions. Additionally, with Ms. Wang Yuanyao's extensive experience in U.S. GAAP and Sarbanes-Oxley internal controls, their combined efforts and dedication will provide a seamless transition and help the Company achieve great results.”

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