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(Editors' Note: The accuracy of some portions of this article have been disputed.)
Lately I have been flooded with inquiries from investors on Kandi Technologies (NASDAQ:KNDI). The stock has doubled in the past two weeks on the back of two encouraging press releases from the company. There have also been several bullish Seeking Alpha articles.
The question these investors have is: with all of the recent positive news, why can't Kandi hold its gains. Kandi has twice soared to over $8.00 following company press releases, only to quickly fall back by 25 30% into the $6.00 range.
Many investors have become so focused on researching the technology that they failed to do some very basic reading which could Defibrillator battery significantly change their current investment theses.
I have lived in and out of China for over 20 years and I have formally studied Mandarin for more than 8 years. I have also owned two electric vehicles while in China which I have absolutely loved. In years past, I would describe the pollution in Beijing as either: bad, extremely bad or absurd. But 2013 is the first year in which "absurd" no longer does it justice.
However, I am not a bull on Kandi at current prices. The market has missed some very important information. Once clarified, it is likely that Kandi will return to $4.00 5.00 as soon as next week.
I am not a China bear. Of my last 4 China stock articles, I have written 2 bull pieces and 2 bear pieces. My next planned article is a bullish piece on a Chinese small cap buyout. If I thought that Kandi had further upside, I would be the first one to buy the stock in size and I wouldn't hesitate to tell the world why.
On April 25th, Kandi filed an "ATM" registration statement under which it can sell up to $60 million of equity "from time to time" in the market. No investment bank is needed, only brokerage firms. Reporting can be done much later such that investors won't even know it is happening. Yet given the low price and volume at the time, such an offering would have been impossible.
The rise this week is extremely fortuitous. Kandi needs the stock to be high and needs to issue equity immediately for one simple reason. Next week the company has over $25 million in short term debt and payables coming due, beginning on Monday, June 24th. Yet those promoting the stock have simply ignored the fact that Kandi has only $3 million in cash. He likened it to Tesla and predicted an epic short squeeze. Mr. Porcari informed me by phone that he has also been the architect of a coordinated buying campaign being done through various firms and promoters.
Mr. Porcari's relationship with Kandi dates back at least 6 years to before its reverse merger in 2007. He has accompanied management on multi city road shows to introduce them to investors. He has approached the company to try to raise money for them from his investors. He is in the process of trying to get a brokerage firm to publish research on the company. Now his investment banking company is also sending out promotional emails on the Kandi. Mr. Porcari told me by phone that none of this is for business purposes, because he is retired.
Yet these are all of the services for which an investor relations firm would be paid at least $10,000 per month. Since the time of the IPO, that would mean around $720,000 in fees (and some warrants on the stock). But Mr. Porcari told me that he performs these services for free.
Porcari claimed to me by phone that he has generated over 4 million shares of buying into the stock. He also claimed that his buyers would not sell until $50.00. But given that many of Mr. Porcari's claims about Kandi are entirely incorrect, I believe that many of these buyers will flee the stock when they uncover the misstatements that are circulating with respect to Kandi.
In the past, Porcari's registration was terminated by FINRA for a near identical scheme in which he misrepresented facts to brokers in order to pump up a stock. At the time, Porcari had been retained as a "financial relations" consultant to perform the services he now provides for Kandi. The SEC noted that he had been pumping a stock as a short squeeze without any basis. He ended up settling with the SEC. He was also charged with insider trading for trading ahead of non public announcements. The details can all be found at FINRA BROKER CHECK. I strongly encourage people to read this, as the charges are very serious.
The ammunition for those promoting the stock has been two perfectly timed press releases from Kandi. The first one was an approval by the China's Ministry of Industry and Information Technology ("MIIT"). Yet so far no one appears to have actually read the actual document. I have included links to the original Chinese and translated copies below, along with an explanation of why this document is actually quite problematic for Kandi shareholders.
The second announcement could have come on the same day as the first announcement. It was released in China weeks ago. Instead, Kandi kept this fire power in its back pocket until needed. When the share price dipped to $6.06, Kandi put out a press release about the pending sale of 5,000 10,000 cars in HangZhou. The share price soared by a much needed 30% for Kandi.
Yet this was actually old news, having been released in 2012. At that time, the original number was 20,000. Yet this 50 75% reduction in vehicles has been spun by promoters as a positive development to those "newbies" who are just getting into the stock without any background information or knowledge. Details are included below.
Investors would be wise to view with caution the timing and content of the two recent press releases and the coordinating momentum campaign. These coincide perfectly with a $60 million stealth equity offering and an urgent need for money.
Similar activity with other Chinese reverse mergers.
A few weeks ago, Cleantech Solutions (NASDAQ:CLNT) put out a press release noting that it had become a certified supplier to Sinopec. Naturally the stock price tripled. The normally illiquid stock quickly traded over $200 million in volume. But when I verified the details with Cleantech and with Beijing New Century Certification Co. (), I found out that this was just a perfunctory 3rd party certification that does nothing to ensure actual sales.
Like Kandi, various US based parties had been pumping Cleantech as a multi bagger stock. But when I wrote my article disclosing my findings, Cleantech quickly plunged.
Following my article, the stock is now down by 50% from those highs.
Sometimes these "news" releases are just plain false.
On the day when Kandi soared 70% based on misunderstood MIIT information, ChinaBak Battery (NASDAQ:CBAK) was up by 65%. A headline was somehow disseminated stating that
China Bak confirms deal with Kandi to make batteries.
Saying that a company "confirmed" such news is a very strong statement. Yet ChinaBak has never done any business with Kandi and in fact did not even know who Kandi was prior to the false headline.
How did I know this? I simply called ChinaBak in Shenzhen and asked their management team. The stock had traded over 1.5 million shares, so it seems I was the only one to have done this.
Following my article on ChinaBak, the stock is now down by around 35% from its highs.
The mere idea that ChinaBak would be supplying batteries to anyone was absurd. ChinaBak is deeply insolvent, its CFO has resigned, its audit chair has resigned and it has already received a delisting notice from the NASDAQ. ChinaBak is now selling its remaining inventory at below cost in order to repay the banks that it owes. But someone clearly made money off of the false headline.
Lately I have been flooded with inquiries from investors on Kandi Technologies (NASDAQ:KNDI). The stock has doubled in the past two weeks on the back of two encouraging press releases from the company. There have also been several bullish Seeking Alpha articles.
The question these investors have is: with all of the recent positive news, why can't Kandi hold its gains. Kandi has twice soared to over $8.00 following company press releases, only to quickly fall back by 25 30% into the $6.00 range.
Many investors have become so focused on researching the technology that they failed to do some very basic reading which could Defibrillator battery significantly change their current investment theses.
I have lived in and out of China for over 20 years and I have formally studied Mandarin for more than 8 years. I have also owned two electric vehicles while in China which I have absolutely loved. In years past, I would describe the pollution in Beijing as either: bad, extremely bad or absurd. But 2013 is the first year in which "absurd" no longer does it justice.
However, I am not a bull on Kandi at current prices. The market has missed some very important information. Once clarified, it is likely that Kandi will return to $4.00 5.00 as soon as next week.
I am not a China bear. Of my last 4 China stock articles, I have written 2 bull pieces and 2 bear pieces. My next planned article is a bullish piece on a Chinese small cap buyout. If I thought that Kandi had further upside, I would be the first one to buy the stock in size and I wouldn't hesitate to tell the world why.
On April 25th, Kandi filed an "ATM" registration statement under which it can sell up to $60 million of equity "from time to time" in the market. No investment bank is needed, only brokerage firms. Reporting can be done much later such that investors won't even know it is happening. Yet given the low price and volume at the time, such an offering would have been impossible.
The rise this week is extremely fortuitous. Kandi needs the stock to be high and needs to issue equity immediately for one simple reason. Next week the company has over $25 million in short term debt and payables coming due, beginning on Monday, June 24th. Yet those promoting the stock have simply ignored the fact that Kandi has only $3 million in cash. He likened it to Tesla and predicted an epic short squeeze. Mr. Porcari informed me by phone that he has also been the architect of a coordinated buying campaign being done through various firms and promoters.
Mr. Porcari's relationship with Kandi dates back at least 6 years to before its reverse merger in 2007. He has accompanied management on multi city road shows to introduce them to investors. He has approached the company to try to raise money for them from his investors. He is in the process of trying to get a brokerage firm to publish research on the company. Now his investment banking company is also sending out promotional emails on the Kandi. Mr. Porcari told me by phone that none of this is for business purposes, because he is retired.
Yet these are all of the services for which an investor relations firm would be paid at least $10,000 per month. Since the time of the IPO, that would mean around $720,000 in fees (and some warrants on the stock). But Mr. Porcari told me that he performs these services for free.
Porcari claimed to me by phone that he has generated over 4 million shares of buying into the stock. He also claimed that his buyers would not sell until $50.00. But given that many of Mr. Porcari's claims about Kandi are entirely incorrect, I believe that many of these buyers will flee the stock when they uncover the misstatements that are circulating with respect to Kandi.
In the past, Porcari's registration was terminated by FINRA for a near identical scheme in which he misrepresented facts to brokers in order to pump up a stock. At the time, Porcari had been retained as a "financial relations" consultant to perform the services he now provides for Kandi. The SEC noted that he had been pumping a stock as a short squeeze without any basis. He ended up settling with the SEC. He was also charged with insider trading for trading ahead of non public announcements. The details can all be found at FINRA BROKER CHECK. I strongly encourage people to read this, as the charges are very serious.
The ammunition for those promoting the stock has been two perfectly timed press releases from Kandi. The first one was an approval by the China's Ministry of Industry and Information Technology ("MIIT"). Yet so far no one appears to have actually read the actual document. I have included links to the original Chinese and translated copies below, along with an explanation of why this document is actually quite problematic for Kandi shareholders.
The second announcement could have come on the same day as the first announcement. It was released in China weeks ago. Instead, Kandi kept this fire power in its back pocket until needed. When the share price dipped to $6.06, Kandi put out a press release about the pending sale of 5,000 10,000 cars in HangZhou. The share price soared by a much needed 30% for Kandi.
Yet this was actually old news, having been released in 2012. At that time, the original number was 20,000. Yet this 50 75% reduction in vehicles has been spun by promoters as a positive development to those "newbies" who are just getting into the stock without any background information or knowledge. Details are included below.
Investors would be wise to view with caution the timing and content of the two recent press releases and the coordinating momentum campaign. These coincide perfectly with a $60 million stealth equity offering and an urgent need for money.
Similar activity with other Chinese reverse mergers.
A few weeks ago, Cleantech Solutions (NASDAQ:CLNT) put out a press release noting that it had become a certified supplier to Sinopec. Naturally the stock price tripled. The normally illiquid stock quickly traded over $200 million in volume. But when I verified the details with Cleantech and with Beijing New Century Certification Co. (), I found out that this was just a perfunctory 3rd party certification that does nothing to ensure actual sales.
Like Kandi, various US based parties had been pumping Cleantech as a multi bagger stock. But when I wrote my article disclosing my findings, Cleantech quickly plunged.
Following my article, the stock is now down by 50% from those highs.
Sometimes these "news" releases are just plain false.
On the day when Kandi soared 70% based on misunderstood MIIT information, ChinaBak Battery (NASDAQ:CBAK) was up by 65%. A headline was somehow disseminated stating that
China Bak confirms deal with Kandi to make batteries.
Saying that a company "confirmed" such news is a very strong statement. Yet ChinaBak has never done any business with Kandi and in fact did not even know who Kandi was prior to the false headline.
How did I know this? I simply called ChinaBak in Shenzhen and asked their management team. The stock had traded over 1.5 million shares, so it seems I was the only one to have done this.
Following my article on ChinaBak, the stock is now down by around 35% from its highs.
The mere idea that ChinaBak would be supplying batteries to anyone was absurd. ChinaBak is deeply insolvent, its CFO has resigned, its audit chair has resigned and it has already received a delisting notice from the NASDAQ. ChinaBak is now selling its remaining inventory at below cost in order to repay the banks that it owes. But someone clearly made money off of the false headline.
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