Kandi: Jumps after response to short-seller Hindenburg's allegations

Kandi Technologies

07/12/2020 18:24

** Shares of Chinese EV maker  KNDI.O  up as much as 24.5%
at $9.95 - snaps six-day losing streak
    ** KNDI's chairman issues a letter to its shareholders in
response to allegations brought by short-seller Hindenburg on
Nov 30, which sent co's shares down ~28% on the day  urn:newsml:reuters.com:*:nL4N2IG41Z
    ** Chairman's letter says that Hindenburg report contains
"accusations that are either thinly veiled assertions of
opinion, or based on previously reported historical events"
 urn:newsml:reuters.com:*:nGNX8nBqQz
    ** Hindenburg had accused KNDI of using fake sales to take
money from U.S. investors, an allegation which KNDI denied on
Monday, saying its financial reports are properly audited
    ** Co also says it expects sales of balancing scooters
manufactured by subsidiary to cross 500,000 units in 2020, and
to exceed 3 mln next year
    ** In September, Hindenburg shorted stock of Nikola Corp
 NKLA.O  and labeled the electric truck maker a "fraud", a
charge that NKLA has denied  urn:newsml:reuters.com:*:nL4N2G735L
    ** Up to Friday's close, KNDI has risen ~69% so far this
year

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