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KNDI > SEC Filings for KNDI > Form 8-K on 4-Nov-2013All Recent SEC Filings

Show all filings for KANDI TECHNOLOGIES GROUP, INC. | Request a Trial to NEW EDGAR Online Pro



Completion of Acquisition or Disposition of Assets, Financial Stat

Item 2.01 Completion of Acquisition or Disposition of Assets.

On November 1, 2013, Zhejiang Kandi Vehicles Co. Ltd. ("Kandi Vehicles"), a wholly owned subsidiary of Kandi Technologies Group, Inc. (the "Company") completed the ownership transfer process with local State Administration of Industry and Commerce to transfer its entire ownership of Kandi Electric Vehicles (Changxing) Co., Ltd. ("Kandi Changxing"), a wholly owned subsidiary of Kandi Vehicles to Zhejiang Kandi Electric Vehicles Co., Ltd., a 50% owned joint venture of Kandi Vehicles and Shanghai Maple Guorun Automobile Co., Ltd., a 99% owned subsidiary of Geely Automobile Holdings Ltd. (the "Geely"), pursuant to a Joint Venture Agreement of Establishment of Zhejiang Kandi Electric Vehicles Co., Ltd. (the "JV Agreement") entered by Kandi Vehicles and Shanghai Maple on March 22, 2013, as previously disclosed on a Form 8-K filed by the Company on March 25, 2013.

Pursuant to the terms of the JV Agreement, Zhejiang Kandi Electric Vehicles Co., Ltd. (the "JV Company") purchased 100% ownership of Kandi Changxing from Kandi Vehicles for RMB 400,000,000 (approximately $65,025,800) which has been paid to Kandi Vehicles as of September 30, 2013.

Item 9.01 Financial Statements and Exhibits.

(b)(1) Pro forma financial information

The information required by Item 9.01(a) and (b) will be filed or furnished by amendment no later than 71 calendar days after the date on which this Form 8-K is required to be filed.

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