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KNDI And GELYF.PK To Set Up New Joint Venture

|Includes:GELYF, GELYY, Kandi Technologies Group, Inc. (KNDI)


Prepared by ChinaScope Financial | Source: Imeigu
  • Kandi Technologies Corp. (KNDI: NASDAQ) announced on March 26 that its wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. has signed an agreement with one of Geely Automobile Holdings Ltd.(00175: HKG)'s subsidiaries, Shanghai Maple Guorun Automobile Co., Ltd. to set up a joint venture (JV) named as Zhejiang Kandi Electric Vehicles Co., Ltd.
  • The 50:50 JV will have a registered capital of CNY 1 billion, in which Kandi Technologies and Geely Automobile will each contribute 50 percent of the registered capital in cash and will each own a 50 percent stake in the JV.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.