Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What:Shares of Kandi Technologies Group Inc. jumped more than 15% as of 2:45 p.m. ET Tuesday after the Chinese electric vehicle specialist announced the conclusion of a U.S. Securities and Exchange investigation.
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So what:Specifically, Kandi stated Tuesday that it had received a letter dated Feb. 9, 2015, from the enforcement division of the SEC. In that letter, the division advised that it has concluded its investigation of Kandi and does not intend to recommend any enforcement action be brought against the company.
Now what:This concludes the investigation, which has remained a point of concern for investors since Kandi firstrevealed it early last year.
"We are extremely pleased that the SEC has concluded its investigation," said Kandi CEO Hu Xiaoming, "particularly since its existence was the subject of much misleading and harmful press by those holding short positions in the Company's securities. We respect the SEC and its mandate to protect investors, and cooperated in its investigation."
Now investors can focus on the promise of this budding electric-car maker, which just capped off a solid 2014 and aims to capture the Chinese market with its focus on affordable vehicles and recently expanded subsidies for clean-energy car buyers in the country. If it can capitalize on its advantage as a Chinese company and an early mover, Tuesday's pop could be just the beginning for patient, long-term shareholders.
The article Why Kandi Technologies Group Inc. Stock Popped Today originally appeared on Fool.com.
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