Jinhua, China, November 2, 2020 -- Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the “Company” or “Kandi”) announced today that on October 30, 2020 it signed a cooperation agreement each with CITIC Securities, Grandall Law Firm (Hangzhou) and Pan-China Certified Public Accountants LLP to initiate the IPO process to list its wholly owned subsidiary, Zhejiang Kandi Smart Battery Swap Technology Co, Ltd on the Shanghai Stock Exchange’s Sci-Tech Innovation Board (“STAR”) market.  CITIC Securities will act as the IPO sponsor and lead underwriter, Grandall Law Firm will act as the legal advisor, and Pan-China Certified Public Accountants LLP will act as the auditor for the IPO.

Mr. Xiaoming Hu, Chairman of the Board of Directors and Chief Executive Officer of Kandi commented, “We are excited to enter a cooperation agreement with these world class advisors to lead this IPO.  After more than a month of preliminary due diligence on our Smart Battery Swap subsidiary, the advisors are confident in the proposed spin-off listing on the STAR market.”

Hu continued, “We are confident that our battery swap business can grow rapidly, due to our years of experience in smart battery exchange technology further supported by China’s national policy to promote ‘vehicle-battery separation’ swapping for electric vehicles.  Listing on the STAR market will enable us to raise the capital needed at an attractive cost to grow this business rapidly.  As well, the STAR listing will further unlock the subsidiary’s value as a public company and enable us to more quickly realize value for Kandi shareholders.”