Kandi Technologies: Tumbles as Hindenburg takes short position

Kandi Technologies

30/11/2020 17:04

** Shares of Chinese EV maker  KNDI.O  tumble 19% to $11.02 
    ** Short-seller Hindenburg Research goes short on KNDI,
accusing the EV maker of falsifying revenue using "fake sales to
undisclosed affiliates"
    ** Hindenburg says it investigated the firm through
on-the-ground inspection at factories, interviews with former
employees and business partners, as well as documents
    ** Short-seller alleges KNDI's largest customer, which
accounted for ~55% of its sales during last twelve months,
shares a phone number with a company subsidiary, and shared an
executive with the EV maker 
    ** KNDI did not immediately respond to a Reuters request for
comment
    ** In September, Hindenburg also alleged EV maker Nikola
Corp  NKLA.O  of fraud, a charge NKLA has denied  urn:newsml:reuters.com:*:nL4N2G735L
 urn:newsml:reuters.com:*:nL3N2GI0XV
    ** Up to Friday's close, KNDI has nearly tripled in value
this year

 (Reporting by Tiyashi Datta in Bengaluru)
 ((tiyashi.datta@thomsonreuters.com))