KNDI - Kandi Technologies sinks after Hindenburg warns on fake sales

Hindenburg Research is out with a negative report on Kandi Technologies ([[KNDI]] -18.4%) and what it claims is a brazen scheme by the company to falsify revenue using fake sales to undisclosed affiliates."Our investigation included extensive on-the-ground inspection at Kandi’s factories and customer locations in China, interviews with over a dozen former employees and business partners, and review of numerous litigation documents and international public records.""We unmasked Kandi’s 'unnamed' top customers and found that almost 64% of Kandi’s last twelve months  sales have been to undisclosed related parties.""The company’s largest customer, representing ~55% of last twelve months sales, shares a phone number with a Kandi subsidiary, and shared an executive with Kandi."If the company responds to the allegations, the response will be posted.Seeking Alpha author Harold Goldmeier was warning on Kandi last month.

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Kandi Technologies sinks after Hindenburg warns on fake sales