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News Article | May 14, 2017
Site: en.prnasia.com

BEIJING, May 14, 2017 /PRNewswire/ -- The United Nations Development Programme (UNDP) and the Government of China represented by the National Development and Reform Commission (NDRC) have strengthened ties for cooperation on sustainable development with the signing of an Action Plan for the Belt and Road Initiative (BRI). The signing took place during the first official Belt and Road Forum for International Cooperation organized by the Chinese Government on 14-15 May, in Beijing. The Action Plan is a follow up to the Memorandum of Understanding (MoU) on BRI signed last September at the margins of the 71st UN General Assembly. Building on the progress made so far, the action plan features key areas in which the cooperation can be taken forward to drive development results. Specifically, the objectives of the Action Plan will be focused on: UNDP hopes that the signing of the 'Action Plan' represents a long-term commitment to ensure the initiative drives impactful sustainable development progress. As UNDP Administrator a.i., Tegegnework Gettu stressed "UNDP strongly believes that the BRI can maximize its positive impact by closely aligning its objectives and outcomes with the implementation of the SDGs. The BRI can act as an accelerator for the SDGs, creating global public benefits and realising clear development objectives. UNDP commends the Government of China for enacting this initiative, and acknowledges the role of China in leading by example and reaffirms its desire to support China in its efforts." At the forum, UNDP also launched the 2017 Global Governance report looking at the potential for aligning BRI strategies and policies with the Sustainable Development Goals (SDGs).  The report entitled `The Belt and Road Initiative - A new means to transformative global governance towards sustainable development', was launched alongside their national counterpart, the China Center for International Economic Exchanges (CCIEE). "The report stresses the importance of making inclusiveness the core of the Belt and Road Initiative, and aligning the BRI with Sustainable Development Goals (SDGs). Aligning the priorities of the countries with the SDGs can serve as the practical basis for transformative governance" highlighted Zhang Xiaoqiang, CCIEE Vice Chairman. The report explores the implications of the BRI for the sustainable development of partner countries and synergies with the existing global governance system. Providing suggestions for further action, it features China`s role as a bridge builder and highlights the BRI's potential as a game changer in global economic governance towards sustainable development. One of the main findings concludes that the BRI has the potential to be a key driver of economic dynamism and rising prosperity across its regions, however this will largely depend on strategic management from within, by linking the home and host contexts. Entry points for partner countries to engage in the BRI should draw on countries' national SDGs implementation plans. This can enhance the transformative nature of the BRI and reflect each BRI country's ownership and leadership throughout the process, thereby building trust and confidence among states. This implies that the BRI can not only contribute to basic infrastructure, regional development, connectivity and industrialization, but can trigger sustainable transformation of the countries along the Belt and Road with poverty reduction, environmental sustainability and inclusive social development at its core. To download the report please visit: UNDP partners with people at all levels of society to help build nations that can withstand crisis, and drive and sustain the kind of growth that improves the quality of life for everyone. On the ground in around 170 countries and territories, we offer global perspective and local insight to help empower lives and build resilient nations. www.undp.org Get in touch:   UNDP on Weibo | Media Contacts | WeChat ID: undpchina


News Article | May 10, 2017
Site: globenewswire.com

JINHUA, China, May 10, 2017 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ:KNDI), today announced its financial results for the first quarter of 2017. Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “Due to extended delays in receiving government subsidy payments, as well as the government’s recent revisions regarding the new technical standards to the MIIT directory of recommended new energy vehicle models, or the Directory, that required re-submission of applications of new energy vehicles to be included in the Directory, the JV Company was not able to have normal production in the first quarter. By April 4 of this year, all of the JV Company’s  five Geely Global Hawk  EV models (SMA7000BEV05 (Kandi Model K12), SMA7000BEV06(Kandi Model K10D), SMA7000BEV07(Kandi Model K12A), SMA7001BEV25 (Kandi Model K17), and JL7001BEV18 (Kandi Model K11)) received MIIT approval and are included in the updated Directory.” “The significant drop in overall sales this quarter was a direct result of reduced EV product sales by the JV Company. However, now that we have begun receiving subsidy payments from the Chinese government and capital support from the supply chain finance program of the National Economic and Technological Development Zone of Rugao City, our normal production activities have resumed. We believe that we will regain our sales momentum and competitive edge in the second half of this year and consequently will achieve improved business operations.” “Additionally, we have made significant progress towards the JV Company's receiving EV manufacturing license approval. Our application was accepted by the National Development and Reform Commission, or the Commission on March 20, 2017, and from April 13, 2017 to April 15, 2017, the project evaluation and assessment team of experts made an on-site visit to conduct a comprehensive inspection and evaluation of the JV Company’s research and development, trial production, and manufacturing capabilities. The JV Company received top marks from the evaluation and assessment team’s experts. Pursuant to the application process, the evaluation and assessment team submitted its appraisal report to the Commission on May 4, 2017, and we expect we will receive feedback from the Commission in the near future. Lastly, we note that we are honored to welcome one of most influential experts in China’s EV industry, Mr. Yi Lin, to be our independent board member. Mr. Lin has many years of experience in manufacturing, research and development, and management in the renewable energy automotive industry. He is a valuable asset to the Company and we believe that his involvement will improve the quality of our board and provide the professional guidance we need to maximize Kandi’s potential. The efforts we have made this year will lay a solid foundation for the growth of our business and towards gaining our leading market position,” Mr. Hu concluded. Net revenues for the first quarter decreased by 91.6% compared to the same period last year. The decrease in net revenues was mainly due to a significant reduction in EV parts sales during this quarter. The selling prices of our products for the three months ended March 31, 2017 decreased slightly on average from the same period last year. The decrease in revenue was primarily due to the decrease in sales volume. Total operating expenses in the first quarter were $29.4 million, compared with $8.3 million in the same quarter of 2016. The increase in total operating expenses was due to increased research and development expenses relating to the development of a new EV model in an effort to prepare the Company for business growth in the coming years. Research and development expenses were $20.8 million in this quarter, compared with $0.2 million in the same quarter last year. Net loss was $24.2 million in the first quarter, compared with net income of $0.1 million in the same quarter of 2016. The negative change was primarily attributable to significantly decreased sales and gross profits, JV Company losses, and significantly increased research and development expenses of approximately $21 million. Non-GAAP net loss was $21.7 million, a 687.4% decrease in the first quarter of 2017 compared to Non-GAAP net income of $3.7 million in the same quarter of 2016. The decrease  was primarily attributable to decreased revenues and gross profits, the JV Company’s net losses, and significantly increased research and development expenses undertaken to prepare the Company for future business growth. As a result of revisions to the MIIT directory of recommended new energy vehicle models and because of the PRC government’s new subsidy policies, effective as of January 1, 2017, as well as extended delays in subsidy payments for EVs manufactured in previous years resulting from the PRC government’s industry-wide subsidy review in 2016, the JV Company had no EV product sales in the first quarter of 2017. The JV Company had no EV product sales in the same quarter of 2016. This quarter, total revenue was $1.3 million, an increase of $1.8 million over the same quarter of 2016. The condensed financial income statements of the JV Company in the first quarter are as set forth below: Kandi’s investments in the JV Company are accounted for under the equity method of accounting, because Kandi has a 50% ownership interest in the JV Company. As a result, Kandi recorded 50% of the JV Company’s loss for a total loss of $5.3 million for this quarter. After eliminating intra-entity profits and losses, Kandi’s share of the JV Company’s after-tax loss was $5.2 million for the first quarter of 2017. First Quarter 2017 Conference Call Details The Company has scheduled a conference call and live webcast to discuss its financial results at 8:00 A.M. Eastern Time (8:00 P.M. Beijing Time) on May 10, 2017. Mr. Hu Xiaoming, Chief Executive Officer of the Company, and Mr. Mei Bing, Chief Financial Officer of the Company, will deliver prepared remarks to be followed by a question and answer session. Dial-in details for the conference call are as follows: A live audio webcast of the call can also be accessed by visiting Kandi's Investor Relations page on the Company’s website at http://www.kandivehicle.com. An archive of the webcast will be available on the Company’s website following the live call. About Kandi Technologies Group, Inc. Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicle products. Kandi has established itself as one of China's leading manufacturers of pure electric vehicle ("EV") products (through its joint venture), EV parts and off-road vehicles. More information can be viewed at the Company's corporate website at http://www.kandivehicle.com. The Company routinely posts important information on its website. Safe Harbor Statement This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. 1 Non-GAAP measures, including Non-GAAP net income and Non-GAAP EPS are defined as the financial measures excluding the change of fair value of financial derivatives and the effects of stock award expenses. We supply non-GAAP information because we believe it allows our investors to obtain a clearer understanding of our operations. Any non-GAAP measure should not be considered as a substitute for, and should only be read in conjunction with, measures of financial performance prepared in accordance with GAAP.


News Article | May 10, 2017
Site: globenewswire.com

JINHUA, China, May 10, 2017 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ:KNDI), today announced its financial results for the first quarter of 2017. Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “Due to extended delays in receiving government subsidy payments, as well as the government’s recent revisions regarding the new technical standards to the MIIT directory of recommended new energy vehicle models, or the Directory, that required re-submission of applications of new energy vehicles to be included in the Directory, the JV Company was not able to have normal production in the first quarter. By April 4 of this year, all of the JV Company’s  five Geely Global Hawk  EV models (SMA7000BEV05 (Kandi Model K12), SMA7000BEV06(Kandi Model K10D), SMA7000BEV07(Kandi Model K12A), SMA7001BEV25 (Kandi Model K17), and JL7001BEV18 (Kandi Model K11)) received MIIT approval and are included in the updated Directory.” “The significant drop in overall sales this quarter was a direct result of reduced EV product sales by the JV Company. However, now that we have begun receiving subsidy payments from the Chinese government and capital support from the supply chain finance program of the National Economic and Technological Development Zone of Rugao City, our normal production activities have resumed. We believe that we will regain our sales momentum and competitive edge in the second half of this year and consequently will achieve improved business operations.” “Additionally, we have made significant progress towards the JV Company's receiving EV manufacturing license approval. Our application was accepted by the National Development and Reform Commission, or the Commission on March 20, 2017, and from April 13, 2017 to April 15, 2017, the project evaluation and assessment team of experts made an on-site visit to conduct a comprehensive inspection and evaluation of the JV Company’s research and development, trial production, and manufacturing capabilities. The JV Company received top marks from the evaluation and assessment team’s experts. Pursuant to the application process, the evaluation and assessment team submitted its appraisal report to the Commission on May 4, 2017, and we expect we will receive feedback from the Commission in the near future. Lastly, we note that we are honored to welcome one of most influential experts in China’s EV industry, Mr. Yi Lin, to be our independent board member. Mr. Lin has many years of experience in manufacturing, research and development, and management in the renewable energy automotive industry. He is a valuable asset to the Company and we believe that his involvement will improve the quality of our board and provide the professional guidance we need to maximize Kandi’s potential. The efforts we have made this year will lay a solid foundation for the growth of our business and towards gaining our leading market position,” Mr. Hu concluded. Net revenues for the first quarter decreased by 91.6% compared to the same period last year. The decrease in net revenues was mainly due to a significant reduction in EV parts sales during this quarter. The selling prices of our products for the three months ended March 31, 2017 decreased slightly on average from the same period last year. The decrease in revenue was primarily due to the decrease in sales volume. Total operating expenses in the first quarter were $29.4 million, compared with $8.3 million in the same quarter of 2016. The increase in total operating expenses was due to increased research and development expenses relating to the development of a new EV model in an effort to prepare the Company for business growth in the coming years. Research and development expenses were $20.8 million in this quarter, compared with $0.2 million in the same quarter last year. Net loss was $24.2 million in the first quarter, compared with net income of $0.1 million in the same quarter of 2016. The negative change was primarily attributable to significantly decreased sales and gross profits, JV Company losses, and significantly increased research and development expenses of approximately $21 million. Non-GAAP net loss was $21.7 million, a 687.4% decrease in the first quarter of 2017 compared to Non-GAAP net income of $3.7 million in the same quarter of 2016. The decrease  was primarily attributable to decreased revenues and gross profits, the JV Company’s net losses, and significantly increased research and development expenses undertaken to prepare the Company for future business growth. As a result of revisions to the MIIT directory of recommended new energy vehicle models and because of the PRC government’s new subsidy policies, effective as of January 1, 2017, as well as extended delays in subsidy payments for EVs manufactured in previous years resulting from the PRC government’s industry-wide subsidy review in 2016, the JV Company had no EV product sales in the first quarter of 2017. The JV Company had no EV product sales in the same quarter of 2016. This quarter, total revenue was $1.3 million, an increase of $1.8 million over the same quarter of 2016. The condensed financial income statements of the JV Company in the first quarter are as set forth below: Kandi’s investments in the JV Company are accounted for under the equity method of accounting, because Kandi has a 50% ownership interest in the JV Company. As a result, Kandi recorded 50% of the JV Company’s loss for a total loss of $5.3 million for this quarter. After eliminating intra-entity profits and losses, Kandi’s share of the JV Company’s after-tax loss was $5.2 million for the first quarter of 2017. First Quarter 2017 Conference Call Details The Company has scheduled a conference call and live webcast to discuss its financial results at 8:00 A.M. Eastern Time (8:00 P.M. Beijing Time) on May 10, 2017. Mr. Hu Xiaoming, Chief Executive Officer of the Company, and Mr. Mei Bing, Chief Financial Officer of the Company, will deliver prepared remarks to be followed by a question and answer session. Dial-in details for the conference call are as follows: A live audio webcast of the call can also be accessed by visiting Kandi's Investor Relations page on the Company’s website at http://www.kandivehicle.com. An archive of the webcast will be available on the Company’s website following the live call. About Kandi Technologies Group, Inc. Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicle products. Kandi has established itself as one of China's leading manufacturers of pure electric vehicle ("EV") products (through its joint venture), EV parts and off-road vehicles. More information can be viewed at the Company's corporate website at http://www.kandivehicle.com. The Company routinely posts important information on its website. Safe Harbor Statement This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. 1 Non-GAAP measures, including Non-GAAP net income and Non-GAAP EPS are defined as the financial measures excluding the change of fair value of financial derivatives and the effects of stock award expenses. We supply non-GAAP information because we believe it allows our investors to obtain a clearer understanding of our operations. Any non-GAAP measure should not be considered as a substitute for, and should only be read in conjunction with, measures of financial performance prepared in accordance with GAAP.


News Article | May 10, 2017
Site: globenewswire.com

JINHUA, China, May 10, 2017 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ:KNDI), today announced its financial results for the first quarter of 2017. Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “Due to extended delays in receiving government subsidy payments, as well as the government’s recent revisions regarding the new technical standards to the MIIT directory of recommended new energy vehicle models, or the Directory, that required re-submission of applications of new energy vehicles to be included in the Directory, the JV Company was not able to have normal production in the first quarter. By April 4 of this year, all of the JV Company’s  five Geely Global Hawk  EV models (SMA7000BEV05 (Kandi Model K12), SMA7000BEV06(Kandi Model K10D), SMA7000BEV07(Kandi Model K12A), SMA7001BEV25 (Kandi Model K17), and JL7001BEV18 (Kandi Model K11)) received MIIT approval and are included in the updated Directory.” “The significant drop in overall sales this quarter was a direct result of reduced EV product sales by the JV Company. However, now that we have begun receiving subsidy payments from the Chinese government and capital support from the supply chain finance program of the National Economic and Technological Development Zone of Rugao City, our normal production activities have resumed. We believe that we will regain our sales momentum and competitive edge in the second half of this year and consequently will achieve improved business operations.” “Additionally, we have made significant progress towards the JV Company's receiving EV manufacturing license approval. Our application was accepted by the National Development and Reform Commission, or the Commission on March 20, 2017, and from April 13, 2017 to April 15, 2017, the project evaluation and assessment team of experts made an on-site visit to conduct a comprehensive inspection and evaluation of the JV Company’s research and development, trial production, and manufacturing capabilities. The JV Company received top marks from the evaluation and assessment team’s experts. Pursuant to the application process, the evaluation and assessment team submitted its appraisal report to the Commission on May 4, 2017, and we expect we will receive feedback from the Commission in the near future. Lastly, we note that we are honored to welcome one of most influential experts in China’s EV industry, Mr. Yi Lin, to be our independent board member. Mr. Lin has many years of experience in manufacturing, research and development, and management in the renewable energy automotive industry. He is a valuable asset to the Company and we believe that his involvement will improve the quality of our board and provide the professional guidance we need to maximize Kandi’s potential. The efforts we have made this year will lay a solid foundation for the growth of our business and towards gaining our leading market position,” Mr. Hu concluded. Net revenues for the first quarter decreased by 91.6% compared to the same period last year. The decrease in net revenues was mainly due to a significant reduction in EV parts sales during this quarter. The selling prices of our products for the three months ended March 31, 2017 decreased slightly on average from the same period last year. The decrease in revenue was primarily due to the decrease in sales volume. Total operating expenses in the first quarter were $29.4 million, compared with $8.3 million in the same quarter of 2016. The increase in total operating expenses was due to increased research and development expenses relating to the development of a new EV model in an effort to prepare the Company for business growth in the coming years. Research and development expenses were $20.8 million in this quarter, compared with $0.2 million in the same quarter last year. Net loss was $24.2 million in the first quarter, compared with net income of $0.1 million in the same quarter of 2016. The negative change was primarily attributable to significantly decreased sales and gross profits, JV Company losses, and significantly increased research and development expenses of approximately $21 million. Non-GAAP net loss was $21.7 million, a 687.4% decrease in the first quarter of 2017 compared to Non-GAAP net income of $3.7 million in the same quarter of 2016. The decrease  was primarily attributable to decreased revenues and gross profits, the JV Company’s net losses, and significantly increased research and development expenses undertaken to prepare the Company for future business growth. As a result of revisions to the MIIT directory of recommended new energy vehicle models and because of the PRC government’s new subsidy policies, effective as of January 1, 2017, as well as extended delays in subsidy payments for EVs manufactured in previous years resulting from the PRC government’s industry-wide subsidy review in 2016, the JV Company had no EV product sales in the first quarter of 2017. The JV Company had no EV product sales in the same quarter of 2016. This quarter, total revenue was $1.3 million, an increase of $1.8 million over the same quarter of 2016. The condensed financial income statements of the JV Company in the first quarter are as set forth below: Kandi’s investments in the JV Company are accounted for under the equity method of accounting, because Kandi has a 50% ownership interest in the JV Company. As a result, Kandi recorded 50% of the JV Company’s loss for a total loss of $5.3 million for this quarter. After eliminating intra-entity profits and losses, Kandi’s share of the JV Company’s after-tax loss was $5.2 million for the first quarter of 2017. First Quarter 2017 Conference Call Details The Company has scheduled a conference call and live webcast to discuss its financial results at 8:00 A.M. Eastern Time (8:00 P.M. Beijing Time) on May 10, 2017. Mr. Hu Xiaoming, Chief Executive Officer of the Company, and Mr. Mei Bing, Chief Financial Officer of the Company, will deliver prepared remarks to be followed by a question and answer session. Dial-in details for the conference call are as follows: A live audio webcast of the call can also be accessed by visiting Kandi's Investor Relations page on the Company’s website at http://www.kandivehicle.com. An archive of the webcast will be available on the Company’s website following the live call. About Kandi Technologies Group, Inc. Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicle products. Kandi has established itself as one of China's leading manufacturers of pure electric vehicle ("EV") products (through its joint venture), EV parts and off-road vehicles. More information can be viewed at the Company's corporate website at http://www.kandivehicle.com. The Company routinely posts important information on its website. Safe Harbor Statement This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. 1 Non-GAAP measures, including Non-GAAP net income and Non-GAAP EPS are defined as the financial measures excluding the change of fair value of financial derivatives and the effects of stock award expenses. We supply non-GAAP information because we believe it allows our investors to obtain a clearer understanding of our operations. Any non-GAAP measure should not be considered as a substitute for, and should only be read in conjunction with, measures of financial performance prepared in accordance with GAAP.


News Article | May 10, 2017
Site: globenewswire.com

JINHUA, China, May 10, 2017 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company,” “we” or “Kandi”) (NASDAQ:KNDI), today announced its financial results for the first quarter of 2017. Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “Due to extended delays in receiving government subsidy payments, as well as the government’s recent revisions regarding the new technical standards to the MIIT directory of recommended new energy vehicle models, or the Directory, that required re-submission of applications of new energy vehicles to be included in the Directory, the JV Company was not able to have normal production in the first quarter. By April 4 of this year, all of the JV Company’s  five Geely Global Hawk  EV models (SMA7000BEV05 (Kandi Model K12), SMA7000BEV06(Kandi Model K10D), SMA7000BEV07(Kandi Model K12A), SMA7001BEV25 (Kandi Model K17), and JL7001BEV18 (Kandi Model K11)) received MIIT approval and are included in the updated Directory.” “The significant drop in overall sales this quarter was a direct result of reduced EV product sales by the JV Company. However, now that we have begun receiving subsidy payments from the Chinese government and capital support from the supply chain finance program of the National Economic and Technological Development Zone of Rugao City, our normal production activities have resumed. We believe that we will regain our sales momentum and competitive edge in the second half of this year and consequently will achieve improved business operations.” “Additionally, we have made significant progress towards the JV Company's receiving EV manufacturing license approval. Our application was accepted by the National Development and Reform Commission, or the Commission on March 20, 2017, and from April 13, 2017 to April 15, 2017, the project evaluation and assessment team of experts made an on-site visit to conduct a comprehensive inspection and evaluation of the JV Company’s research and development, trial production, and manufacturing capabilities. The JV Company received top marks from the evaluation and assessment team’s experts. Pursuant to the application process, the evaluation and assessment team submitted its appraisal report to the Commission on May 4, 2017, and we expect we will receive feedback from the Commission in the near future. Lastly, we note that we are honored to welcome one of most influential experts in China’s EV industry, Mr. Yi Lin, to be our independent board member. Mr. Lin has many years of experience in manufacturing, research and development, and management in the renewable energy automotive industry. He is a valuable asset to the Company and we believe that his involvement will improve the quality of our board and provide the professional guidance we need to maximize Kandi’s potential. The efforts we have made this year will lay a solid foundation for the growth of our business and towards gaining our leading market position,” Mr. Hu concluded. Net revenues for the first quarter decreased by 91.6% compared to the same period last year. The decrease in net revenues was mainly due to a significant reduction in EV parts sales during this quarter. The selling prices of our products for the three months ended March 31, 2017 decreased slightly on average from the same period last year. The decrease in revenue was primarily due to the decrease in sales volume. Total operating expenses in the first quarter were $29.4 million, compared with $8.3 million in the same quarter of 2016. The increase in total operating expenses was due to increased research and development expenses relating to the development of a new EV model in an effort to prepare the Company for business growth in the coming years. Research and development expenses were $20.8 million in this quarter, compared with $0.2 million in the same quarter last year. Net loss was $24.2 million in the first quarter, compared with net income of $0.1 million in the same quarter of 2016. The negative change was primarily attributable to significantly decreased sales and gross profits, JV Company losses, and significantly increased research and development expenses of approximately $21 million. Non-GAAP net loss was $21.7 million, a 687.4% decrease in the first quarter of 2017 compared to Non-GAAP net income of $3.7 million in the same quarter of 2016. The decrease  was primarily attributable to decreased revenues and gross profits, the JV Company’s net losses, and significantly increased research and development expenses undertaken to prepare the Company for future business growth. As a result of revisions to the MIIT directory of recommended new energy vehicle models and because of the PRC government’s new subsidy policies, effective as of January 1, 2017, as well as extended delays in subsidy payments for EVs manufactured in previous years resulting from the PRC government’s industry-wide subsidy review in 2016, the JV Company had no EV product sales in the first quarter of 2017. The JV Company had no EV product sales in the same quarter of 2016. This quarter, total revenue was $1.3 million, an increase of $1.8 million over the same quarter of 2016. The condensed financial income statements of the JV Company in the first quarter are as set forth below: Kandi’s investments in the JV Company are accounted for under the equity method of accounting, because Kandi has a 50% ownership interest in the JV Company. As a result, Kandi recorded 50% of the JV Company’s loss for a total loss of $5.3 million for this quarter. After eliminating intra-entity profits and losses, Kandi’s share of the JV Company’s after-tax loss was $5.2 million for the first quarter of 2017. First Quarter 2017 Conference Call Details The Company has scheduled a conference call and live webcast to discuss its financial results at 8:00 A.M. Eastern Time (8:00 P.M. Beijing Time) on May 10, 2017. Mr. Hu Xiaoming, Chief Executive Officer of the Company, and Mr. Mei Bing, Chief Financial Officer of the Company, will deliver prepared remarks to be followed by a question and answer session. Dial-in details for the conference call are as follows: A live audio webcast of the call can also be accessed by visiting Kandi's Investor Relations page on the Company’s website at http://www.kandivehicle.com. An archive of the webcast will be available on the Company’s website following the live call. About Kandi Technologies Group, Inc. Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicle products. Kandi has established itself as one of China's leading manufacturers of pure electric vehicle ("EV") products (through its joint venture), EV parts and off-road vehicles. More information can be viewed at the Company's corporate website at http://www.kandivehicle.com. The Company routinely posts important information on its website. Safe Harbor Statement This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. 1 Non-GAAP measures, including Non-GAAP net income and Non-GAAP EPS are defined as the financial measures excluding the change of fair value of financial derivatives and the effects of stock award expenses. We supply non-GAAP information because we believe it allows our investors to obtain a clearer understanding of our operations. Any non-GAAP measure should not be considered as a substitute for, and should only be read in conjunction with, measures of financial performance prepared in accordance with GAAP.


News Article | May 15, 2017
Site: www.prnewswire.com

In discussing the first quarter 2017 results, Mr. Sune Mathiesen, LiqTech CEO, remarked: "Our results for the first quarter were in line with our expectations. We continue to invest significant resources in the development of the marine scrubber market. We have announced several orders for this industry this year, and we continue to form new relationships to manufacturers of marine scrubbers. We expect that our efforts will lead to an acceleration of our business later this year." "We have invested significant resources in developing a standardized system for power plant applications. Over the past quarters our investments have been rewarded and we have announced several orders for this industry. We are encouraged by this development and we are optimistic that we will see further orders." "We continue to use our large-scale references within the oil industry for further specification of our technology in new projects. We are in the process of testing our technology with one of China's largest operators in the hydraulic fracturing industry and we are optimistic that this could be a breakthrough for our technology in the Chinese oil industry." "In April we announced that Hunan Yonker Investment Group had submitted their final application for a $4 million investment in LiqTech to the National Development and Reform Commission (NDRC). NDRC is still reviewing and verifying the submitted documents. To further strengthen our balance sheet we have decided to do a private placement of 6,300,000 new shares that we announced earlier today. The private placement was made directly by LiqTech and we plan to use the net proceeds of approximately $1.6 million for further acceleration of our business in the marine scrubber industry." Interested parties may participate in the call by dialing (877) 407-8029 or (201) 689-8029. It is recommended to dial in approximately 10 to 15 minutes prior to the scheduled start time. The conference call will also be available on replay starting at 3:00 p.m. EDT on May 15, 2017 and ending on June 5, 2017. To access the replay, please dial (877) 660-6853 or (201) 612-7415 and enter the conference id# 13662373. Callers from Denmark can dial in using the following numbers: LiqTech International, Inc., a Nevada corporation, is a clean technology company that for more than a decade has developed and provided state-of-the-art technologies for gas and liquid purification using ceramic silicon carbide filters, particularly highly specialized filters for the control of soot exhaust particles from diesel engines and for liquid filtration. Using nanotechnology, LiqTech develops products using proprietary silicon carbide technology. LiqTech's products are based on unique silicon carbide membranes which facilitate new applications and improve existing technologies. In particular, LiqTech Systems A/S (www.provital.dk), the Company's subsidiary, has developed a new standard of water filtration technology to meet the ever increasing demand for higher water quality. By incorporating LiqTech's SiC liquid membrane technology with its longstanding systems design experience and capabilities it offers solutions to the most difficult water pollution problem. For more information, please visit www.liqtech.com  Follow LiqTech on LinkedIn: http://www.linkedin.com/company/liqtech-international  Follow LiqTech on Twitter: https://twitter.com/LiqTech This press release contains "forward-looking statements." Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by us in the our reports filed with the Securities and Exchange Commission, including the risk factors that attempt to advise interested parties of the risks that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/liqtech-international-inc-reports-2017-first-quarter-results-300457423.html


HUIZHOU, China, May 22, 2017 /PRNewswire/ -- On May 17, 2017, the groundbreaking ceremony of Country Garden Innovative Town, the first started Sci-Tech town demonstration project in Guangdong province was held in Tonghu town, Huizhou city. Nearly 80 enterprises and institutions will sign and march into this innovative town. Nearly 500 people including experts and scholars from the United Nations Industrial Development Organization (UNIDO), the Chinese Academy of Sciences (CAS), the Chinese Academy of Engineering (CAE), the Ministry of Industry and Information Technology of the People's Republic of China (MIIT), the National Development and Reform Commission (NDRC), etc., mainly responsible of Guangdong Provincial Department of Science and Technology and Huizhou municipal government, and delegates of enterprises such as iSoftStone, China Renaissance Holdings, Sinovation Ventures and others will gather together in Huizhou, to explore innovation-driven development. Chairman Yeung Kwok Keung, CEO Mo Bin and other leaders of Country Garden Group attended the ceremony. In August last year, Country Garden announced the City-Industry Integration strategy and carried out the Sci-Tech Town plan. Currently, the company has achieved its preliminary layout of a number of Sci-Tech town projects in the Pearl River Delta, Yangtze River Delta, Beijing-Tianjin-Hebei region and other areas, which give priority to the development of industries, gather strength for "Made in China 2025" and create a platform for 2 innovation and entrepreneurship. The first Country Garden Innovative Town project is located in the eco-smart zone of Tonghu town, Huizhou city, which is expected to become the first world-class gathering place for innovative industries around Chenzhen to achieve integration of function, transportation, supporting facilities and service. The Country Garden Innovative Town will depend on the excellent regional advantages to hold the opportunity for economic development of the Guangdong-Hong Kong-Macao Big Bay Area and undertake the strategic transfer of emerging industries in the big bay area, and thereby become a model to promote the construction of the Big Bay Area and the new growth point for a rapid economic development of the Pearl River Delta. In addition, Country Garden Innovative Town will use the leading advantages of its industrial partners in Mobile Internet, Big Data and Smart City to form dominant industries with Internet of Things, Mobile Internet and Big Data being the core and to build a development platform supported by intelligent control, intelligent manufacture and Sci-Tech service.


HUIZHOU, China, May 19, 2017 /PRNewswire/ -- On May 17, 2017, the groundbreaking ceremony of Country Garden Innovative Town, the first started Sci-Tech town demonstration project in Guangdong province was held in Tonghu town, Huizhou city. Nearly 80 enterprises and institutions will sign and march into this innovative town. Nearly 500 people including experts and scholars from the United Nations Industrial Development Organization (UNIDO), the Chinese Academy of Sciences (CAS), the Chinese Academy of Engineering (CAE), the Ministry of Industry and Information Technology of the People's Republic of China (MIIT), the National Development and Reform Commission (NDRC), etc., mainly responsible of Guangdong Provincial Department of Science and Technology and Huizhou municipal government, and delegates of enterprises such as iSoftStone, China Renaissance Holdings, Sinovation Ventures and others will gather together in Huizhou, to explore innovation-driven development. Chairman Yeung Kwok Keung, CEO Mo Bin and other leaders of Country Garden Group attended the ceremony. In August last year, Country Garden announced the City-Industry Integration strategy and carried out the Sci-Tech Town plan. Currently, the company has achieved its preliminary layout of a number of Sci-Tech town projects in the Pearl River Delta, Yangtze River Delta, Beijing-Tianjin-Hebei region and other areas, which give priority to the development of industries, gather strength for "Made in China 2025" and create a platform for 2 innovation and entrepreneurship.


News Article | April 17, 2017
Site: www.renewableenergyworld.com

China’s National Development and Reform Commission, Ministry of Finance and National Energy Administration recently jointly announced a pilot program for the issuance of green certificates to renewable energy producers coupled with a trading scheme running on a voluntary basis across the country. 


News Article | May 4, 2017
Site: en.prnasia.com

SHANGHAI, May 4, 2017 /PRNewswire/ -- The agreement to form a global automotive soft trim and acoustics joint venture announced Dec. 21, 2016 between International Automotive Components (IAC) and Shanghai Shenda Co. Ltd. (Shenda) is subject to certain regulatory approvals. IAC and Shenda have been notified that the National Development and Reform Commission of the People's Republic of China has accepted Shenda's regulatory filing and no further action is required. "This is a major milestone toward the completion of our transaction and the formation of a new global leader in the automotive soft trim and acoustics segment," said IAC President and CEO Robert ("Steve") Miller. "Shenda will acquire a 70 percent stake in the U.K.-based joint venture and IAC will maintain a 30 percent interest. The joint venture expands an existing, successful joint venture partnership between affiliates of IAC and Shenda spanning nearly two decades." "We are pleased by this first important regulatory approval and expect to continue making headway on remaining approvals," said Shenda Chairman Yao Ming Hua. "In the meantime, we will continue working diligently toward closing this transaction and launching the new organization, which is expected to occur during the third quarter of this fiscal year." International Automotive Components (IAC) is a leading global supplier of automotive components and systems, including interior and exterior trim. The company's 2016 sales were $6 billion. Headquartered in Luxembourg, IAC Group operates 77 manufacturing facilities in 18 countries. The company has approximately 100 total locations in 21 countries, including 28 design, technical and commercial centers, and employs more than 31,000 people globally. For more information, visit www.iacgroup.com. Shanghai Shenda Co., Ltd. is a stated-owned company listed on Shanghai Stock Exchange. It mainly engages in international trade of textile and manufacturing of automotive interior and other industrial textile. Since its establishment in 1986, the company has been keeping a steady pace forward, with around 3,000 staff and 50 subsidiaries devoted to the business. As the pillar business of Shenda, the automotive interior business division owns approximately 29 subsidiaries across China. Throughout the last two decades, Shenda has developed into one of China's largest automotive interior suppliers, providing soft trim and acoustics products to almost every global OEM. For more information, please visit http://www.cnshenda.com.cn/en/. This press release contains forward-looking statements, including statements relating to our business and products. Forward-looking statements are made based upon management's current expectations and beliefs concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of future performance. These forward-looking statements are subject to various risks and uncertainties, many of which are outside our control, that could affect our actual results and could cause such results to differ materially from estimates or expectations reflected in such forward-looking statements. All forward-looking statements made by us in this press release speak only as of the date on which we make them.

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