Today we reveal what we believe to be a brazen scheme by China-based, NASDAQ-listed Kandi Technologies Group to falsify revenue using fake sales to undisclosed affiliates. Our investigation included extensive on-the-ground inspection at Kandi’s factories and customer locations in China, interviews with over a dozen former employees and business partners, and review of numerous litigation documents and international public records. We unmasked Kandi’s “unnamed” top customers and found that almost 64% of Kandi’s last twelve months (LTM) sales have been to undisclosed related parties.