Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul class="summary-list"><li><keyword id="9916845" type="UNKNOWN" weightage="60" keywordseo="hindenburg-research">Hindenburg Research</keyword> is back with more allegations of fraud. </li><li>The short-seller has accused <keyword id="10364531" type="UNKNOWN" weightage="60" keywordseo="kandi-motors">Kandi motors</keyword> of fake sales and deceptive accounting practices. </li><li>In September, a Hindenburg report <a href="https://www.businessinsider.com/gm-no-stake-nikola-deal-badger-electric-pickup-canceled-2020-11">unraveled</a> electric-truck startup Nikola's $2 billion deal with General Motors, with the two companies eventually agreeing to a scaled-down deal instead.</li></ul>Hindenburg Research is looking for a victory lap.After <a href="https://www.businessinsider.com/gm-no-stake-nikola-deal-badger-electric-pickup-canceled-2020-11">single-handedly unraveling Nikola's potential $2 billion deal with General Motors over the summer</a>, the short-selling research firm has a new target: <keyword id="201247" type="CITY" weightage="60" keywordseo="Kandi">Kandi</keyword> Motors.The China-based and Nasdaq-listed electric-car startup has used in-house corporate entities to fake sales and show illegitimate growth, Hindenburg alleged in its report released Monday."The company's largest customer, representing ~55% of last twelve months (LTM) sales, shares a phone number with a Kandi subsidiary, and shared an executive with Kandi," the report says. "We visited the 'customer.' It is based in a tiny building right next to Kandi's factory with a sign indicating that it's a Kandi company. The same building housed another entity used by Kandi as part of a separate fake sales scheme to collect illegitimate subsidies from the Chinese government, for which it was fined and sanctioned."Shares of Kandi have <a href="https://markets.businessinsider.com/news/stocks/kandi-stock-price-hindenburg-research-accusations-fake-sales-us-investors-2020-12-1029852171">tumbled more than 33%</a> since the report was published Monday.The company told Business Insider it takes seriously any allegations of impropriety, and it would study Hindenburg's report. "We intend to thoroughly research the accusations, investigate internally as needed, and offer a public response in the near future," a spokesperson said.Hindenburg alleged that a fake revenue scheme was used as a ploy to raise money on US capital markets, and said the company has raised $160 million from investors since November. It also pointed to past SEC investigations and EPA fines."The company will likely issue some sort of press release declaring everything we say false and misleading, as they always do, while ignoring all or the vast majority of the questions we've raised," Hindenburg said, alluding to its fight with electric-truck startup Nikola over the summer.In September, shortly after General Motors and Nikola announced a partnership potentially worth up to $2 billion, a Hindenburg <a href="https://www.businessinsider.com/nikola-response-short-seller-hindenburg-admits-promo-truck-couldnt-drive-2020-9">report</a> caused the startup's stock to plunge, its founder to relinquish his role in the c-suite, and GM to scale back its partnership.Hindenburg said it's still short Nikola, too, and will "keep calling it out as we see it."

The short-seller that unraveled Nikola's GM deal says another electric-vehicle startup engaged in fraud

<ul class="summary-list"><li>Chinese automaker Kandi's shares sank as much as 30% on Monday after Hindenburg Research accused the company of faking sales to raise $160 million from US investors.</li><li>Shares in the company continued to slide in pre-market trading on Tuesday after the short-seller reported more than half of Kandi's sales this year were made to its own subsidiaries.</li><li>Kandi's largest customer was found to share a phone number with its own subsidiary, according to the report.</li><li>Hindenburg said it has photographic evidence to back up any claims of Kandi's fake "customers."</li><li>Kandi said it would issue a public response in the near future.</li></ul>Shares in <a href="https://markets.businessinsider.com/stocks/kndi-stock">Kandi Technologies</a> tanked nearly 30% on Monday after a <a href="https://hindenburgresearch.com/kandi/">scathing report</a> accused the Chinese automaker of faking sales and hyping its electric vehicle growth story.The drop in the shares continued in pre-market trading on Tuesday. Kandi fell 9% to around $9.08 a share, as traders digested short-seller Hindenburg Research's claim that the company was "using fake sales to undisclosed affiliates."The Chinese manufacturer, which went public on the NASDAQ in 2008, raised $160 million from US investors in November alone. Hindenburg said it had spoken to a dozen former employees and business partners to investigate Kandi's business, when it became apparent that the company's top customers were undisclosed entities. It found that almost 64% of Kandi's sales in the last twelve months were made to its own subsidiaries. The company's largest customer, which accounted for about 55% of its sales in the last year, shared a phone number with a Kandi subsidiary, and an executive with the company, according to the Hindenburg report."We visited the 'customer.' It is based in a tiny building right next to Kandi's factory with a sign indicating that it's a Kandi company," Hindenburg Research said. "The same building housed another entity used by Kandi as part of a separate fake sales scheme to collect illegitimate subsidies from the Chinese government, for which it was fined and sanctioned."Kandi told Business Insider it takes seriously any allegations of impropriety, and it would study Hindenburg's report. "We intend to thoroughly research the accusations, investigate internally as needed, and offer a public response in the near future," a spokesperson said.Read More: <a href="https://www.businessinsider.com/stock-picks-to-buy-covid-recovery-value-rotation-undervalued-rbc-2020-11">Buy these 10 stocks set to soar and smash Wall Street's expectations in the recovery from COVID-19, RBC says</a>Hindenburg, who has taken a short position in Kandi after extensive research, said it has photographic evidence to back up any claims of Kandi's "customer" inventory sitting in its own warehouse.In addition to its concerns about Kandi's customer base, Hindenburg said the company had consistently booked revenue it can't collect and had a constantly-changing stream of executives at the top. It has had three auditors in the past five years, and four chief financial officers in the past four years.The current auditor, Marcum, was recently banned by a regulatory authority from auditing Chinese companies. But instead of firing the auditor, Kandi reported an intention to renew its engagement. Furthermore, the Chinese auto company has been "launching" in the US for over a decade. "Its first US vehicles were imported illegally and seized by customs. A former distribution partner said every single car that eventually made it into the country broke," the report said.In September, Hindenburg <a href="https://www.businessinsider.com/nikola-short-seller-hindenburg-alleges-fraud-electric-trucks-trevor-milton-2020-9" target="_blank" rel="noopener noreferrer">accused</a> electric-truck maker Nikola of lying for years about its products and deals with other companies, days after the EV-maker announced a $2 billion deal with General Motors. Nikola's shares fell by more than 70% in just two weeks and have struggled to recover ever since.Read More: <a href="https://www.businessinsider.com/goldman-sachs-esg-trends-markets-climate-investing-stock-sustainability-social-2020-11">A top equity portfolio strategist at Goldman Sachs shares his four essential ESG trends that you need to be thinking about</a>

Chinese automaker Kandi plunges nearly 30% after short-seller Hindenburg accused it of fabricating sales to raise $160 million from US investors

<ul class="summary-list"><li>Elon Musk's deal to buy Twitter is back on, according to an SEC filing.</li><li>Hindenburg Research said it would dump its entire long position in Twitter after Musk revived his proposal.</li></ul>Famed short-seller Hindenburg Research sold all of its <a href="https://markets.businessinsider.com/stocks/twtr-stock">Twitter</a> shares after Elon Musk revived his $44 billion deal to buy the social-media company.Musk proposed restarting talks to buy Twitter Monday, prompting Hindenburg to offload its entire long position."We have closed our long position in Twitter," <a href="https://twitter.com/HindenburgRes">Hindenburg tweeted</a> Tuesday.Hindenburg, which became well-known criticizing and shorting companies including <a href="https://markets.businessinsider.com/stocks/nkla-stock?utm_medium=ingest&amp;utm_source=markets">Nikola</a>, <a href="https://markets.businessinsider.com/stocks/kndi-stock?utm_medium=ingest&amp;utm_source=markets">Kandi Technologies</a>, and <a href="https://markets.businessinsider.com/stocks/ride-stock?utm_medium=ingest&amp;utm_source=markets">Lordstown Motors</a>, has been both long and short on Twitter this year.In May, it opened and closed a short position after arguing that Musk would likely either look to renegotiate or walk away from his takeover deal.It then <a href="https://markets.businessinsider.com/news/stocks/elon-musk-twitter-stock-short-seller-hindenburg-research-activist-investing-2022-7">bought Twitter shares</a> in July in a bet that Musk's deal would collapse after the billionaire <a href="https://www.businessinsider.com/elon-musk-twitter-lawsuit-to-enforce-acquisition-takeover-deal-2022-7?r=US&amp;IR=T&amp;utm_medium=ingest&amp;utm_source=markets">attempted to terminate his merger agreement</a>."We have accumulated a significant long position in shares of Twitter," Hindenburg said when it <a href="https://markets.businessinsider.com/news/stocks/elon-musk-twitter-stock-short-seller-hindenburg-research-activist-investing-2022-7">disclosed its long position</a> three months ago. "Twitter's complaint poses a credible threat to Musk's empire."It has now dumped that stake with a deal back on the table after Musk proposed restarting talks to buy Twitter at $54.20 a share.His backtracking means he could <a href="https://www.businessinsider.com/elon-musk-finally-admits-defeat-legal-battle-offer-buy-twitter-2022-10?utm_medium=ingest&amp;utm_source=markets">avoid a costly courtroom battle</a>. Twitter sued Musk in July for trying to back out of the Twitter acquisition, saying that he was obligated to complete the deal.Twitter jumped 39.8% from $37.22 to $52.02 in the time that Hindenburg owned the stock. It slipped 1.75% to $51.09 early Wednesday.Read more: <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-outlook-elon-musk-twitter-takeover-wedbush-dan-ives-2022-10">Elon Musk selling Tesla stocks to fund his Twitter takeover is like giving away caviar to buy $2 pizza, Wedbush's Dan Ives says</a>

Elon Musk's deal for Twitter is back on - and now short-seller Hindenburg Research is dumping all its shares in the takeover target

<ul class="summary-list"><li><keyword id="9916845" type="UNKNOWN" weightage="60" keywordseo="hindenburg-research" source="Orion">Hindenburg Research</keyword> announced it had built a "significant long position" in <keyword id="11892744" type="UNKNOWN" weightage="60" keywordseo="twitter" source="Orion">Twitter</keyword> stocks Wednesday.</li><li>The research firm's founder said that Twitter will rally after the collapse of <keyword id="11897862" type="UNKNOWN" weightage="60" keywordseo="elon-musk" source="Orion">Elon Musk</keyword>'s takeover deal.</li></ul>Hindenburg Research has built up a significant stake in <a href="https://markets.businessinsider.com/stocks/twtr-stock">Twitter</a> as a legal battle brews between the social media company and Elon Musk.The research firm said that it is bullish on Twitter after the seeming collapse of Musk's $44 billion takeover bid."We have accumulated a significant long position in shares of Twitter," Hindenburg <a href="https://twitter.com/HindenburgRes/status/1547214020909752320">tweeted</a> Wednesday. "Twitter's complaint poses a credible threat to Musk's empire."Musk is attempting to <a href="https://www.businessinsider.com/elon-musk-twitter-lawsuit-to-enforce-acquisition-takeover-deal-2022-7?r=US&amp;IR=T">terminate the merger agreement</a> he signed with Twitter in April, which said he would take the company private at a price of $54.20 a share. <a href="https://www.businessinsider.com/elon-musk-twitter-lawsuit-to-enforce-acquisition-takeover-deal-2022-7?r=US&amp;IR=T">Twitter intends to sue him for backing out of the deal</a>.Twitter shares initially rallied 8% on Wednesday, before slipping 0.2% at the opening bell Thursday.Hindenburg is renowned for its activist short-selling approach, having published high-profile reports criticizing companies including <a href="https://markets.businessinsider.com/stocks/nkla-stock">Nikola</a>, <a href="https://markets.businessinsider.com/stocks/kndi-stock">Kandi Technologies</a>, and <a href="https://markets.businessinsider.com/stocks/ride-stock">Lordstown Motors</a>. It's much rarer for the investment firm to make a long position public."Musk has squandered much of his leverage, largely through <a href="https://www.businessinsider.com/elon-musks-tweets-backfired-may-damn-him-in-court-twitter-2022-7?r=US&amp;IR=T">misadvised and compulsive tweets</a>," Hindenburg founder Nate Anderson told the <a href="https://www.ft.com/content/fbfb24a7-fbf1-48a4-b638-f6a8c0b72683">Financial Times</a> this week. "Twitter has a strong case."Read more: <a href="https://www.businessinsider.com/didi-stock-delisting-investing-strategy-china-short-selling-carson-block-2021-12?r=US&amp;IR=T">Famed short-seller Carson Block breaks down why Didi's NYSE delisting is the harbinger of many other Chinese companies pulling out of US exchanges — and shares where he is finding opportunities in 'this era of massive misallocation of capital'</a>

Short-seller Hindenburg Research has built up a large stake in Twitter - and is betting against Elon Musk

<a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell&amp;hash=8122c716833601fc1471f79af063b104?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning.</a>For the biggest stories in politics, <a href="https://newsletter.businessinsider.com/join/10-things-in-politics?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">sign up here for 10 Things in Politics You Need to Know Today</a> - launching soon!Here's what you need to know before <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> open.1. Global equities kick off December with a rally. <a href="https://www.businessinsider.com/stock-markets-today-investors-cheer-data-vaccine-rollout-2020-12">See what markets are doing today</a>.2. Chinese automaker Kandi plunges after scathing short-seller report. Hindenburg Research accused the company of <a href="https://markets.businessinsider.com/news/stocks/kandi-stock-price-hindenburg-research-accusations-fake-sales-us-investors-2020-12-1029852171">faking sales to raise $160 million</a> from US investors.3. China's factory activity hits quickest expansion in 10 years. Manufacturing firms in China responded to an <a href="https://markets.businessinsider.com/news/stocks/china-factory-activity-hits-quickest-expansion-10-years-output-orders-2020-12-1029852556">improvement in domestic demand</a>, as growth in new export work was not as pronounced.4. The Labor Department reported false counts of jobless benefits. Inconsistent state data, claims backlogs, and <a href="https://www.businessinsider.com/gao-report-flawed-weekly-jobless-claims-data-underpaid-unemployed-americans-2020-11">potential fraud in the benefits system</a> resulted in flawed jobless-claims data, a government watchdog said.5. Nikola's 25% dive is a good buying opportunity, JPMorgan says. The EV-maker's revised deal with General Motors represents a <a href="https://markets.businessinsider.com/news/stocks/nikola-stock-price-good-buy-opportunity-focuses-semi-trucks-jpmorgan-2020-11-1029850331">bullish development for investors</a>.6. Stocks could pull back up to 7% before the end of 2020. But <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-pullback-bny-mellon-young-buying-opportunity-2020-11-1029849133">investors should buy the dip</a> as the economy is set to recover in 2021, BNY Mellon's Liz Young said.7. <a href="https://markets.businessinsider.com/earnings-calendar#date=12/01/2020&amp;name=&amp;countries=&amp;eventtypes=103,99&amp;tab=L103,99&amp;tab=L">Earnings expected</a>. Salesforce and NetApp are highlights.8. <a href="https://markets.businessinsider.com/economic-calendar">On the data docket</a>. Speeches from Federal Reserve Chairman Jerome Powell and Fed Governor Lael Brainard are due.9. Cheap stocks just had their best month ever. Why their outperformance is bound to continue over the next 4 to 5 years — and <a href="https://www.businessinsider.com/stock-picks-to-buy-cheap-value-emerging-markets-dave-grecsek-2020-11?r=opening-bell" target="_blank" rel="noopener">2 bargain stocks to buy to capitalize</a> on the trend.10. RBC knows which stocks are poised to outperform as a COVID-19 vaccine nears. The firm has pinpointed <a href="https://www.businessinsider.com/stock-picks-to-buy-covid-recovery-value-rotation-undervalued-rbc-2020-11?r=opening-bell" target="_blank" rel="noopener">10 picks built to ride an economic recovery</a> higher.

You Searched For "kandi motors" and got 5 results

The short-seller that unraveled Nikola's GM deal says another electric-vehicle startup engaged in fraud

Graham Rapier

Chinese automaker Kandi plunges nearly 30% after short-seller Hindenburg accused it of fabricating sales to raise $160 million from US investors

Shalini Nagarajan

Elon Musk's deal for Twitter is back on - and now short-seller Hindenburg Research is dumping all its shares in the takeover target

George Glover

Short-seller Hindenburg Research has built up a large stake in Twitter - and is betting against Elon Musk

George Glover

10 things you need to know before the opening bell

Shalini Nagarajan

Popular Keywords

Buying Guides