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Arthur Porcari

 
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  • The Potemkin Parking Lot: Related Party Transactions And Questionable Revenue Recognition At Kandi Technologies [View article]
    Ownen- To Respond

    1. A true statement except for the last two points. The Company reported numbers are important otherwise your first point in your first comment could not be measured and I don't see any comment where more than maybe one suggested it be bought.

    2. Basically true regarding the JV. All car companies do sell cars except under the current business plan the cars are sold to both the provided leasing Company which also just happens to be a small minority investment by the JV.

    3. While he claims he is short the stock, who knows but what difference does that make? Personally, he would have to be an idiot to waste time doing such an article unless he was either short or got paid to do it. But the reason his comments should be questioned has nothing to do with him being short. It is that what he says is at odds with what the Company says. And that is the shorts conundrum. What we have here is a "He said, She said" between the Company and its reports and some Westerner who is giving an opinion without anything more then weak apparently cherry picked circumstantial evidence. Its up to the investor to make his own choice, but IMO, no investor should have money at risk in any Company that they don't believe is candid with what the Company reports.

    4. Have no idea what you mean by this

    Regarding your closing comment; This comes under point 3 above. The Company reported numbers (which is more than TSLA has yet to do at this late date) and he doesn't agree with the numbers based on his own select circumstantial evidence.

    Bottom line: It is a stock trading on a stock market. For every happy buyer, their is a happy seller on the other side of the trade. Each side made a decision based on whatever reason they chose.
    Jan 29, 2015. 07:13 AM | 4 Likes Like |Link to Comment
  • The Potemkin Parking Lot: Related Party Transactions And Questionable Revenue Recognition At Kandi Technologies [View article]
    So what you want your readers to believe is that the GeelyCEO and controlling shareholder of China's largest Passenger Car maker, who would receive 50% of the benefits of the JV would let KNDI's CEO make a co-conspirator out of him to cash in a a few EV's?

    Read my comment below to Dudette regarding why Li Shifu stepped down as JV Chairman and also signed an additional non-competitive JV.
    Jan 27, 2015. 04:52 PM | 8 Likes Like |Link to Comment
  • The Potemkin Parking Lot: Related Party Transactions And Questionable Revenue Recognition At Kandi Technologies [View article]
    Ezra-is your short in trouble? NASDAQ Short Interest just out after the close. Up 135,000 to 7.75 million or 27% of the float with a Record 9.3 Days to Cover.

    How do you feel you did with the stock in a 300 point down market only giving back a dime more than it went up yesterday, a "flat" day in the market with no company news out.

    Now I know that often short sellers with a big problem often resort to crossing stock from one account to another by using "Market on the Close" for both buy and sell. Yesterday we saw a 174,000 share market on close which was 20% of the total days volume and today we see a 246,000 Market on close which was 30% of the whole days volume. Sure looks fishy to me. You don't think some short who doesn't have to report to anyone is trying to scam long investors do you?
    Jan 27, 2015. 04:20 PM | 9 Likes Like |Link to Comment
  • The Potemkin Parking Lot: Related Party Transactions And Questionable Revenue Recognition At Kandi Technologies [View article]
    Ezra- I know I have asked you this before but have never received an answer in different venues, but to be specific here, since you have made this comment the "linchpin" of your whole article. You said and I quote "The point of the article is that nearly all of Kandi's "sales" have ultimately been to a subsidiary that is controlled by Kandi's CEO". That seems to be pretty definitive, and not the words of an "opinion" on your part? Or are you just trying to pull the wool over the eyes of innocent investors?

    Other than a figment of your imagination, what if any evidence do you have that you can provide your readers that ZZY is controlled by Kandi's CEO?
    Jan 27, 2015. 03:21 PM | 8 Likes Like |Link to Comment
  • The Potemkin Parking Lot: Related Party Transactions And Questionable Revenue Recognition At Kandi Technologies [View article]
    Tom, before you make stupid comments like "it could have been created especially for Kandi" You of all people who claim to be an expert on "Green" should know that the "Global New Energy 2014" Conference, is the single largest Green Conference in all of China. Additionally,

    What would be KNDI's motive for "buying" the honor. They didn't even put out a PR on it.

    Now other than Ezra, what makes you feel it "seems" that ZZY is funded by KNDI? Since it is just a speculation on his part anyway with no evidence whatsoever, why is it you don't seem to feel that it is also Funded by Geely?
    Jan 27, 2015. 03:07 PM | 11 Likes Like |Link to Comment
  • The Potemkin Parking Lot: Related Party Transactions And Questionable Revenue Recognition At Kandi Technologies [View article]
    Was Sino-Forrest receiving cash subsidies from the PRC?

    In the KNDI-Geely JV case National Government payment are approximately $8100 or approximately 33% of the $21,500 per car. And an equal amount paid to ZZY from the local Governments? Thus making the ZZY or other leasing Companies cost of the completed EV $6000 per car, or a small $60 million downstroke per 10,000 cars.

    Why is it the author doesn't remind his readers of these subsidies and how dramatically they reduce the purchase price for these EV's?

    Do you really think the PRC Government auditors are not verifying that real sales are being made before writing these huge Checks?
    Jan 27, 2015. 02:50 PM | 5 Likes Like |Link to Comment
  • The Potemkin Parking Lot: Related Party Transactions And Questionable Revenue Recognition At Kandi Technologies [View article]
    Ezra- Question for you. You seem to have a hang up that KNDI might be running a "scam" through the JV and ZZY. Am I correct?

    If so, Do you think that Geely's Founder/CEO is part and party to this "scam" since you seem to agree that KNDI only owns 50% of the JV?
    Jan 27, 2015. 02:36 PM | 6 Likes Like |Link to Comment
  • The Potemkin Parking Lot: Related Party Transactions And Questionable Revenue Recognition At Kandi Technologies [View article]
    Dudette- KNDI ended last quarter in its strongest financial position ever. $70 million in cash up from $13 million YE.

    http://1.usa.gov/1yfmflb
    Jan 27, 2015. 12:34 PM | 13 Likes Like |Link to Comment
  • The Potemkin Parking Lot: Related Party Transactions And Questionable Revenue Recognition At Kandi Technologies [View article]
    Dudette- As in the case of US corporations, When first incorporated often "Placeholder" Chairman and Presidents are put on initial documents. In the JV case, Li Shifu filled the Chairman spot and Mr. Hu the President (GM) back in early 2013 when incorporated.

    In Q1 2014 when the JV went into operation, as planned, Shifu stepped down, Mr. Hu move up to the Chairman Position and Liu Jinliang, Founding SVP of Sales and Marking of Geely, and currently Executive Director at Geely Automobile Holding, was made President (GM) of the JV. Here is his Bloomberg bio.

    "Mr. Jin Liang Liu has been General Manager of Shanghai Maple Automobile Co., Ltd. (SMA) at Geely Automobile Holdings Ltd. since February 2007. Mr. Liu has been the Head of Production -Shanghai at Geely Automobile Holdings Ltd. since March 5, 2007. He serves as the Chief Executive Officer of Shanghai Maple's operations, including Shanghai Maple plant and the newly set up Shangahi LTI joint venture. He is responsible for the overall management of Geely Holding's manufacturing facilities in Shanghai Mr. Liu serves as the Vice President of Zhejiang Geely Holding Group Co., Limited and General Manager of Zhejiang Geely Automobile Sales Co. Ltd. He served as the Head of Sales and Marketing of Geely Holding. Prior to joining Zhejiang Geely Holding Group Co., Limited in 1995, he held a number of management positions in several major hotels in China. He has about 10 years experience in the marketing and sales of motor vehicles in China. He has been an Executive Director at Geely Automobile Holdings Ltd. since June 9, 2005 and is responsible for all the sales functions of Zhejiang Geely JV in China. Mr. Liu is graduated from the Capital University of Economics and Business, focusing on industrial management."

    "http://bloom.bg/1BkiPgZ

    And in the recent below article you can see where he Officiated at the opening of a Carshare location at the PRC Science & Technology location. Here is a small quote from him at this ceremony.

    "At the launch ceremony, Condi Electric Vehicle Group Co., Ltd. President Liu Jinliang introduced "micro bus" of the relevant circumstances. According to reports, "micro-bus" project since the trial run, the majority of users, the country has formed a large influence, as of now, "micro-bus" project has been put on nearly 9,000 units in Hangzhou, has been put into operation can charge for electricity smart parking garage rental points 5, flat site 30."

    http://bit.ly/1BkiRFA

    It is quite a stretch to make anyone believe that Geely has any interest in breaking up the KNDI Geely JV. Aside from the fact that the JV has generated some $5 million in net income on $127 million in revenues and $6.7 million in profits for its first three quarters of operations; a feat which any JV partner in any business on any Continent would be ecstatic with.

    10Q Pg. 40
    http://1.usa.gov/1yfmflb

    Q4 the JV should add another $80 million in sales for a total of around $210 million for first full year of operations. another amazing accomplishment.

    And here is a quote in the Zhejiang Daily Newpaper Jan 6th from Li Shifu about his feelings for Hu Xiaoming.

    "Create a "micro bus" of Hu Xiaoming

    Hu Xiaoming is my good partners and good friends. His path to the development of electric vehicles in China has a very clear understanding, we were looking at the "micro-bus" from ideal to become a reality, the electric car will be the future of the automotive industry. Xiaoming is an "old car people", and has been a breakthrough Chinese electric car industry and marketization of dreams, this feeling, I agree, is also very supportive."

    http://bit.ly/1BkiPxe

    the New Geely JV is not a competitor of the KNDI Geely JV, since its single approved EV (compared to 14 for KNDI) is being sold to individuals only and to date all exports. Shifu wanted to get a piece of Xin Dayang's foreign business, where they sold some 7000 mini-evs last year but at the same time keep them from ever competing for the carshare/leasing business in China. Its just good business sense to keep possible future competitors within your grasp in the best interest of all players.
    Jan 27, 2015. 12:32 PM | 15 Likes Like |Link to Comment
  • The Potemkin Parking Lot: Related Party Transactions And Questionable Revenue Recognition At Kandi Technologies [View article]
    Tom, at least look at my two largest comments in the beginning.

    KNDI and its CEO Xiaoming Hu were just given the 2014 Innovator of the year award for EV's and the CarShare Program in a Country with a population of over 1.3 billion. A country that is also #1 in auto sales world-wide. Do you really think that KNDI and Geely have been able to "snow" the PRC Government into giving these accolades and awards to someone who is running a scam business?

    Tom, you do know that the KNDI Geely JV will likely do a Billion in Sales this year, with KNDI about a third of this?

    Read my article which will explain how Clearly.

    "Kandi China Article Paves Road to $1 Billion in EV Sales For 2015"

    http://bit.ly/1yRLjAd
    Jan 27, 2015. 10:26 AM | 18 Likes Like |Link to Comment
  • The Potemkin Parking Lot: Related Party Transactions And Questionable Revenue Recognition At Kandi Technologies [View article]
    If the "SEC Investigation" bothers you. Read this:

    "Why Kandi Technologies Inclusion In A 14 Month Old SEC Investigation Gives Me Comfort And IMO, Any Intelligent Investor Ought To Find Comfort Too."

    http://seekingalpha.co...
    Jan 27, 2015. 10:19 AM | 14 Likes Like |Link to Comment
  • The Potemkin Parking Lot: Related Party Transactions And Questionable Revenue Recognition At Kandi Technologies [View article]
    Two weeks ago KNDI was also honored by the top levels of the PRC Government at a Beijing function. (Which BTW, neither this or the Innovator Award were PR'ed here in the US because the CEO is very humble and feels these accolades mean nothing compared to car sales.

    Kandi’s Micro Public EV Sharing Program in the Spotlight at the China EV

    http://bit.ly/1yL94Lr

    2015-1-15 10:03:45  
    Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the “Company” or “Kandi”), today announced that the China Association for Electric Vehicles with 100 Members (“China EV 100”) 2015 Forum (the “Forum”) was held at Diaoyutai State Guesthouse in Beijing on January 13 and January 14, 2015. Ministers and other senior officials of the Departments of Transportation and Technology, as well as both domestic and international scholars and entrepreneurs comprised the over 600 guests in attendance at the Forum. Hu Xiaoming, Chairman of Kandi and Li Shufu, Chairman of Geely Automobile Holdings Limited (“Geely”), were also invited to attend the Forum and participate in the discussions.

    At the Forum, Kandi’s innovative Micro Public EV Sharing Program gained increasing attention, as well as the endorsement of several guests in attendance, including Wan Gang, China’s Science and Technology Minister; Miao Wei, China’s Industry and Information Minister; Chen Qingtai, the former Party Secretary of the Development Research Center of the State Council; Ouyang Minggao, Professor at Tsinghua University; David Sandalow, former Under Secretary of the U.S. Department of Energy; and other senior officials from the Standing Committee of the Chinese People’s Political Consultative Conference (CPPCC). In addition, both China EV 100 and the Electric Vehicle Expert Group of Science and Technology Ministry-Major Projects affirmed their support for Kandi’s innovative Micro Public EV Sharing Program.

    Hu Xiaoming, Chairman of Kandi commented: “The recognition our Micro Public EV Sharing Program has received from various senior government officials and experts is a testament to the quality of the Micro Public EV Sharing Program and a strong indicator of Kandi’s success, and will promote confidence and conviction in our efforts to grow further.”
    Jan 27, 2015. 09:42 AM | 21 Likes Like |Link to Comment
  • The Potemkin Parking Lot: Related Party Transactions And Questionable Revenue Recognition At Kandi Technologies [View article]
    Sorry. Here is the translated link to the Innovator Award Ceremony which should have been included in my comment above.

    http://bit.ly/1zP9WjS
    Jan 27, 2015. 09:35 AM | 20 Likes Like |Link to Comment
  • The Potemkin Parking Lot: Related Party Transactions And Questionable Revenue Recognition At Kandi Technologies [View article]
    Point of note to readers. What KNDI is doing with its JV is nothing different than GM, Ford, BMW, Toyota etc. in China. The are all minority partners that cannot consolidate their JV numbers with the US numbers.

    What KNDI is doing with ZZY is nothing different than what GM and Ford are doing with their Finance Arms. But with one main difference. KNDI only owns 9.5% of ZZY.

    But the real bottom line is if you feel KNDI is fabricating China Numbers, then you must also believe Geely, China's top Passenger car manufacturer is as well.

    Good try, but it is about time you started doing some serious Due Diligence.
    Jan 27, 2015. 09:32 AM | 28 Likes Like |Link to Comment
  • The Potemkin Parking Lot: Related Party Transactions And Questionable Revenue Recognition At Kandi Technologies [View article]
    IF you can't Dazzle them with Brilliance, Baffle them with Bull. Bottom Line.

    Ezra. Are you aware that Kandi and its CEO was just awarded China's 2014 Global Energy Green Car of the Year Award for Innovation Due to the very same program you just wasted an hour of everyone's time to try to read?

    "2014 China's annual Green Car - Innovator Award: Hu Xiaoming

    2014 China's annual Green Car - Innovator Award: Hu Xiaoming

    Condit Electric Motor Group Co., Ltd. Chairman Hu Xiaoming, a "micro-bus" mode creator and practitioner. As of the end of December 2014 in Hangzhou micro-bus project has been put on the vehicle 9852, in Shanghai, Nanjing, Chengdu, Wuhan, Guangzhou and other cities put the vehicle reaches 5000. Micro bus become the new card in Hangzhou, and to the country, to become the country have introduced or innovative business models to emulate. Hu Xiaoming create micro-bus mode, shared by many people, so that the nature of the electric car return vehicle for the realization of "green transportation, Dream China" bright future pay extraordinary contributions.

    http://bit.ly/1BjHF0e

    Presenters: China Automotive Industry Association Deputy Secretary-General Ye Shengji
    Award guests: Condi Electric Vehicle Group Co., Ltd. Chairman Hu Xiaoming
    Jan 27, 2015. 09:28 AM | 30 Likes Like |Link to Comment
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