KNDI - Kandi Technologies +15% after announcing agreement with Hangzhou Branch of the Agricultural Bank of China

Kandi Technologies (KNDI) inks agreement with the Hangzhou Branch of the Agricultural Bank of China.The partnership was established among Zhejiang Kandi Vehicles Co., Zhejiang Ruiheng Technology Company, China Battery Exchange Technology and the Hangzhou Branch of the Agricultural Bank of China (ACGBF).Pursuant to the terms, companies will promote the implementation of the “300,000 government-accredited pure EVs with battery swap model within 5 years of rideshare” program.The Agricultural Bank of China Hangzhou Branch will provide Kandi with an RMB 500M (~$76.5M) line of credit to support the first phase of the "300,000 government-accredited program. Additional credit will be provided based on the business progress.The Agricultural Bank of China/Hangzhou Branch will treat Kandi Vehicles, Zhejiang Ruiheng, and China Battery as VIP customers to offer comprehensive financial services from the Bank's available financial resources.Shares of KNDI +15% premarket.

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Kandi Technologies +15% after announcing agreement with Hangzhou Branch of the Agricultural Bank of China