Kandi Technologies Group (KNDI) Exits Geely Affiliation
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Kandi Technologies Exits Geely Affiliation
March 15, 2021 8:45 AM EDTJinhua, China, March 15, 2021 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the Company or Kandi) announced today that it exited its position in Fengsheng Automotive Technologies Group Co., Ltd (the Affiliate Company or Fengsheng).
To formalize the exit, Kandis wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles") completed an Equity Transfer Agreement (the Transfer Agreement) with Geely, in which Kandis 22% equity interest in Fengsheng was transferred to Geely in exchange for RMB 308 million (approximately $47.3 million) in cash.
Zhejiang Provincial Administration for Market Regulation recorded the update of the ownership of Fengsheng on... More
