# EDGAR Filing Document

**Accession Number:** 0001316517
**File Stem:** 0001213900-23-002284
**Filing Date:** 2023-1
**Character Count:** 13321
**Document Hash:** f2943b9125184fc6fc51926ec7655817
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-002284.hdr.sgml**: 20230111

**ACCESSION NUMBER**: 0001213900-23-002284

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230109

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230111

**DATE AS OF CHANGE**: 20230111

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kandi Technologies Group, Inc.
- **CENTRAL INDEX KEY:** 0001316517
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
- **IRS NUMBER:** 870700927
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33997
- **FILM NUMBER:** 23523894

**BUSINESS ADDRESS:**
- **STREET 1:** JINHUA NEW ENERGY VEHICLE TOWN
- **STREET 2:** ZHEJIANG PROVINCE
- **CITY:** JINHUA
- **STATE:** F4
- **ZIP:** 321016
- **BUSINESS PHONE:** (86-0579) 82239851

**MAIL ADDRESS:**
- **STREET 1:** JINHUA NEW ENERGY VEHICLE TOWN
- **STREET 2:** ZHEJIANG PROVINCE
- **CITY:** JINHUA
- **STATE:** F4
- **ZIP:** 321016

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Kandi Technologies Corp
- **DATE OF NAME CHANGE:** 20070813

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STONE MOUNTAIN RESOURCES INC
- **DATE OF NAME CHANGE:** 20050203

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549** 

**FORM 8-K**

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported): January 9, 2023**

**<u>KANDI TECHNOLOGIES GROUP, INC.</u>**

**(Exact name of registrant as specified in its charter)** 

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-33997** | **90-0363723** |
| **(State of Incorporation)** | **(Commission File Number)** | **(IRS Employer Identification)** |

---

**Jinhua New Energy Vehicle Town**

**Jinhua, Zhejiang Province**

**People's Republic of China**

**<u>Post Code 321016</u>**

(Address of principal executive offices)

**<u>(86-579) 8223-9700</u>**

Registrant's telephone number, including area code

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock | KNDI | NASDAQ Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.**

*Resignation of Xiaoming Hu*

Effective January 9, 2023, Mr. Xiaoming Hu, Chief Executive Officer ("**CEO**"), and Chairman and a director of the board (the "**Board**") of Kandi Technologies Group, Inc. (the "**Company**"), resigned from his position as the CEO of the Company, for the purpose of Company's long-term growth training of young management. Mr. Hu will remain to be Chairman and a director of the Board.

*Appointment of Xueqin Dong*

 

Effective January 10, 2023, upon the nomination by the Nominating and Corporate Governance Committee, the Board appointed Dr. Xueqin Dong as Chief Executive Officer of the Company.

Dr. Dong, aged 41, has served as the Company's director since December 2021. He has rich practical experience and extensive knowledge and expertise in the fields of automotive engineering, automotive safety and others. He has successively served as the General Manager of Jiangsu Xingchi Electric Power Technology Co., Ltd, the Deputy General Manager of Jiangsu Yixing Vehicles Co., Ltd, the General Manager of Yijue Automobile (Shanghai) Co., Ltd, the Deputy General Manager of business department of Automobile Design and Research Institute Co., Ltd. of Shanghai Tongji University, and the R&D Engineer of Jiangling Automobile Co., Ltd. In addition, Dr. Dong has also participated in multiple technology R & D projects, including the research and development of Class AO small urban pure electric vehicles, and test, evaluation and standard technology related to whole electric vehicles and its parts; safety technology of electric vehicles in typical crash mode in the Project of Shanghai Bureau of Quality and Technical Supervision; among others. Furthermore, Dr. Dong has published 11 papers on automobile and electric vehicle engineering technology. He also owns 18 utility model patents, 2 invention patents and 1 appearance design patent. Dr. Dong received a Doctor Engineering degree in Vehicle Engineering from Shanghai Tongji University.

Dr. Dong shall receive an annual salary in the amount of RMB500,000 (approximately $74,443). He will also receive a year-end 20,000 shares of the common stock under the Company's 2008 Omnibus Long-Term Incentive Plan, which shall be issuable at the one-year anniversary from his appointment.

There are no family relationships between Dr. Dong and any director or other executive officer of the Company. There are no transactions between Dr. Dong or any member of his immediate families and the Company or any of its subsidiaries that would be reportable as a related party transaction under the rules of the Securities and Exchange Commission. Further, there is no arrangement or understanding between Dr. Dong and any other persons or entities pursuant to which Dr. Dong was appointed as Chief Executive Officer of the Company.

**ITEM 7.01 REGULATION FD DISCLOSURE.**

On January 11, 2023, the Company issued a press release announcing the CEO transition.

A press release of the Company is furnished to this Current Report on Form 8-K as Exhibit 99.1.

**ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.**

Exhibits.

<u>Exhibit No.</u> <u>Description</u> <br> 99.1 [Press Release of Kandi Technologies Group, Inc. announcing the CEO transition dated January 11, 2023.](ea171564ex99-1_kanditechno.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

**SIGNATURE**

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.** | **KANDI TECHNOLOGIES GROUP, INC.** |
| Date: January 11, 2023 | By: | /s/ Xueqin Dong |
|  | Name: | Xueqin Dong |
|  | Title: | Chief Executive Officer (Principal Executive Officer) |

---

## Exhibit 99.1

**Exhibit 99.1**

**Kandi Technologies Announces CEO Transition**

*--Mr. Xiaoming Hu Hands CEO Role to Dr. Xueqin Dong--*

*--Mr. Hu Remains Board Chair and Large Shareholder--*

 

JINHUA, CHINA, Jan 11, 2023 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company," "we" or "Kandi") (NASDAQ GS: KNDI), today announced the appointment of Dr. Xueqin Dong as Chief Executive Officer, effective January 10, 2023. Dr. Dong succeeds Mr. Xiaoming Hu, who resigned for the purpose of Company's long-term growth training of young management. Mr. Hu will continue to serve as Chairman of the Board of Directors.

Chairman Hu commented, "On behalf of Kandi's Board of Directors, I am delighted to welcome Dr. Dong as our new CEO. We are confident that Dr. Dong's expertise and experience will enable him to lead Kandi to the next phase of growth while fulfilling Kandi's mission to contribute to a sustainable future. As I depart the CEO role, I want to thank everyone on our team for their hard work and dedication. Together we built Kandi from the ground up over the past 21 years, yet I think our best years are yet to come. I am excited to see our renewed business momentum, especially in electric off-road vehicles. Under Xueqin's leadership, I am confident that Kandi will reach new heights. As Chairman of the Board and one of the largest shareholders, I will remain dedicated to Kandi's success."

Dr. Dong said, "I am honored and thrilled to lead Kandi at this critical moment. Our opportunities in China are expanding rapidly as it exits the pandemic era, while our new off-road and cross-over products keep exploring new markets and further developing existing market in the U.S. and other corners of the world. I deeply appreciate the Board's trust in me, and look forward to leading our team to profitably grow our business and continue our endeavor in the sustainable development."

Dr. Xueqin Dong has cumulated over 20 years of experience in automobile industry with extensive background in managing teams in the vehicle design, engineering, and development, manufacturing, and commercialization of innovative products. Dr. Dong was elected as a director of Kandi in December 2021. Previously, he was General Manager of Jiangsu Xingchi Electric Power Technology Co., Ltd. in charge of overall operation and management of the development, production, and sales of electric off-road vehicles. Dr. Dong owns more than twenty patents and has published over ten papers on automobile and electric vehicle engineering technology in China and international academic journals-- with three indexed by the prestigious Engineering Index ("EI"). He has participated in four scientific research projects at the national and municipal level. Dr. Dong earned his Doctor of Engineering degree in Vehicle Engineering from Shanghai Tongji University, Master of Engineering degree in material processing from Nanchang University, and a Bachelor of Engineering degree in mechatronics from Nanchang University in China.

**About Kandi Technologies Group, Inc.**

Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua Economic Development Zone, Zhejiang Province, is engaged in the research, development, manufacturing, and sales of various vehicular products. Kandi conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Technologies Group Co., Ltd. ("Zhejiang Kandi Technologies"), formerly, Zhejiang Kandi Vehicles Co., Ltd. and its subsidiaries including Zhejiang Kandi Smart Battery Swap Technology Co., Ltd, and SC Autosports, LLC (d/b/a Kandi America), the wholly-owned subsidiary of Kandi in the United States, and its wholly-owned subsidiary, Kandi America Investment, LLC. Zhejiang Kandi Technologies has established itself as one of China's leading manufacturers of pure electric vehicle parts and off-road vehicles.

**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 applicable securities laws, the Company does not assume a duty to update these forward-looking statements.

Follow us on Twitter: @ Kandi_Group

**Contacts:**

**Kandi Technologies Group, Inc.**<br> Ms. Kewa Luo<br> +1 (212) 551-3610<br> IR@kandigroup.com

**The Blueshirt Group**<br> Mr. Gary Dvorchak, CFA<br> gary@blueshirtgroup.com