SECURITIES AND EXCHANGE COMMISSION
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Item 2.01 Completion of Acquisition or Disposition of Assets.
On March 9, 2021 (the “Closing Date”), Zhejiang Kandi Vehicles Co., Ltd. (“Kandi Vehicles”), a wholly-owned subsidiary of Kandi Technologies Group, Inc. (the “Company”) sold 22% or all of its equity interests in Fengsheng Automobile Technology Group Co., Ltd (formerly known as Kandi Electric Vehicles Group Co., Ltd., the “Affiliate Company”) for a total amount of RMB308 million (approximately $47.3 million) (the “Transfer Price”).
According to the Equity Transfer Agreement by and between Kandi Vehicles and Geely Technology Group Co., Ltd., 50% of the Transfer Price shall be paid within five business days from the Closing Date and the balance of the Transfer Price shall be paid within six months from the Closing Date.
As a result of the completion of the updating of the equity ownership of the Affiliate Company on the Closing Date with the Zhejiang Provincial Administration for Market Regulation, Kandi Vehicles now owns no equity interests in the Affiliate Company and Geely and its affiliates own 100% of the equity interests of the Affliate Company.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|KANDI TECHNOLOGIES GROUP, INC.|
|Date: March 15, 2021||By:||/s/ Hu Xiaoming|
|Title:||Chief Executive Officer|