UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For
the month of June 2026
Commission
File Number: 333-259881
KANDI
TECHNOLOGIES GROUP, INC
(Translation of registrant’s name into English)
Jinhua
New Energy Vehicle Town
Jinhua,
Zhejiang Province
People’s
Republic of China, 321016
(Address of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form
20-F ☒ Form 40-F ☐
Entry
into Investment Agreements in Relation to Investment in Hangzhou Xinchu New Energy Technology Co., Ltd.
On
June 29, 2026, Kandi Technologies Group, Inc. (the “Company”), through its wholly-owned operating subsidiary in China, Zhejiang
Kandi Technologies Group, Co., Ltd., entered into that certain capital increase agreement (the “Capital Contribution Agreement”)
with Hangzhou Xinchu New Energy Technology Co., Ltd. (the “Target Company”) and its two existing shareholders.
Pursuant to the terms of the Capital Contribution Agreement, the Company agreed to subscribe for newly issued equity of the Target Company
for an aggregate subscription price of approximately RMB20 million (approximately US$2.9 million), of which approximately RMB2.1 million
(approximately US$0.30 million) will be contributed to the Target Company’s registered capital. The rest of such subscription price
will be treated as capital reserve. Upon completion of the transaction, the Company will hold 51% of the equity interests of the Target
Company, and the existing shareholders will collectively hold the remaining 49%. Subject to the satisfaction or waiver of the conditions
precedent set forth in the Capital Contribution Agreement, the Company is required to pay the subscription price to the Target Company’s
designated bank account on or before June 30, 2026.
The
proceeds of the capital contribution will be used primarily for the Target Company’s business expansion, capacity upgrades, research
and development activities, and working capital requirements. The proceeds may not be used for certain specified purposes, including
the repayment of shareholder indebtedness, repurchase of equity interests, non-core business investments, or distributions to shareholders.
Pursuant
to the terms of the Capital Contribution Agreement, subjection to certain exceptions thereunder, the existing shareholders have agreed
to certain performance commitments requiring the Target Company to achieve audited annual revenue of at least RMB150 million, RMB300
million, and RMB500 million for fiscal years 2027, 2028, and 2029, respectively (each, an “Annual Revenue Target”). The performance
commitments will also be deemed satisfied if the Target Company’s aggregate revenue for the three-year period exceeds the aggregate
of the foregoing annual revenue targets. If the actual revenue for any such year is less than 70% of the applicable Annual Revenue Target,
the Company may elect to (i) receive compensation from the existing shareholders in cash or equity based on a formula set forth in the
Capital Contribution Agreement, or (ii) following the completion of the three-year measurement period, require the existing shareholders
to Buyback.
The
Capital Contribution Agreement also contains anti-dilution protections in favor of the Company upon the occurrence of specified events,
including material breaches of the Capital Contribution Agreement by the existing shareholders.
In
addition, pursuant to the terms of the Capital Contribution Agreement, the Company may require the existing shareholders to repurchase
all or a portion of its equity interest in the Target Company (the “Buyback”) upon the occurrence of specified events, including
a material breach of the Capital Contribution Agreement by the existing shareholders that adversely affects the Company or a violation
of non-competition obligations by the Target Company or certain key personnel. The repurchase price is generally determined as the highest
of (i) the Company’s investment amount plus an 8% annual return, less any cash dividends received, (ii) the Company’s proportionate
share of the Target Company’s net asset value, and (iii) the value of the Company’s equity interest based on the Target Company’s
valuation at the time of repurchase.
The
existing shareholders are also granted certain reciprocal repurchase rights. If the Company’s strategic objectives materially change
or the parties experience a fundamental disagreement regarding the Target Company’s strategic direction, the existing shareholders
may require the Company to transfer all or a portion of its equity interest to the existing shareholders or their designee. The repurchase
price is generally determined as the lowest of the valuation methodologies described above.
Concurrently
with the execution of the Capital Contribution Agreement, the Company and the existing shareholders of the Target Company entered into
a shareholders corporation agreement (the “Shareholders Support Agreement”) to facilitate the completion of the transactions
contemplated by the Capital Contribution Agreement and to further develop their cooperative relationship. The Shareholders Support Agreement
sets forth sets forth certain mutual representations, warranties , and covenants of the parties in connection with the Company’s
investment in the Target Company, including the right to appoint two directors to the board directors of the Target Company, among others.
On
June 29, 2026, the Company issued a press release to announce the acquisition described above, which is furnished herein.
| Exhibit
No. |
|
Description
of Exhibit |
| 99.1 |
|
Press Release dated June 29, 2026, announcing Kandi Technologies Acquires Controlling Stake in Xinchu New Energy |
SIGNATURES
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, thereunto duly authorized.
| Date: June 29, 2026 |
Kandi Technologies Group, Inc. |
| |
|
|
| |
By: |
/s/ Feng Chen |
| |
Name: |
Feng Chen |
| |
Title: |
Chief Executive Officer |
Exhibit 99.1
Kandi
Technologies Acquires Controlling Stake in Xinchu New Energy
Establishes
Kandi’s entry into backup power and energy storage solutions for rapidly-
growing AI data center market
Jinhua, China, June 29, 2026 (GLOBE NEWSWIRE) -- Kandi
Technologies Group, Inc. (“Kandi” or the “Company”) (NASDAQ GS: KNDI), a global innovator in intelligent equipment
and a technology-driven platform company, today announced that it has entered into certain investment agreements to acquire a 51% controlling
stake in Hangzhou Xinchu New Energy Technology Co., Ltd. (“Xinchu”), an emerging provider of lithium battery backup power
and battery management systems for data centers and telecom base stations, for a total cash consideration of RMB20 million (approximately
US$2.9 million). The transaction is expected to close in July 2026.
This investment marks Kandi’s strategic expansion into the global
AI data center backup power and energy storage market, where demand is surging as AI infrastructure deployment accelerates. Founded by
a team with extensive experience in data center backup power systems and telecom base station across Southeast Asia, the Middle East,
and Africa, Xinchu designs, manufactures and deploys lithium battery solutions engineered to support the stringent power quality and reliability
requirements of AI data centers and high-density GPU computing environments.
Xinchu’s core offerings include UPS lithium battery packs, high-rate
backup power cabinets capable of 6C discharge and millisecond-level response time, proprietary Battery Management Systems (BMS), and a
BMS platform that provides intelligent monitoring and system management capabilities. Xinchu’s commercial roadmap encompasses data
center uninterruptible power supply (UPS) and Artificial Intelligence Data Center (AIDC) backup power solutions, and telecom base station
backup power as its primary revenue streams. Its intelligent BMS platform serves as an orchestration hub for power network management
and optimization. Together, these capabilities position Xinchu to expand its products and service offerings beyond hardware into higher-margin
software and services over time.
“The
rapid buildout of AI computing infrastructure worldwide depends on the underlying energy framework, power delivery, and system reliability,
driving demand for next-generation power solutions,” said Chen Feng, Chief Executive Officer of Kandi. “This investment gives
Kandi direct exposure to the energy infrastructure that enables AI compute at scale, establishing our position in an early-stage, structurally
critical market that is poised for long-term global expansion.”
Unlike
conventional data center applications, AI workloads generate rapid and sharp power fluctuations, requiring backup power systems capable
of millisecond-level response time, high-rate discharge performance, and proactive power quality management. Grid reliability constraints
in certain markets with underserved utility power infrastructure are emerging as a critical bottleneck to the continued deployment of
AI infrastructure. These conditions are accelerating global demand for on-site backup power and energy storage solutions, creating significant
market opportunities in regions where Xinchu has already established a meaningful commercial presence and execution capabilities.
The
Company plans to support Xinchu’s growth through targeted capital allocation for product development and market expansion. Xinchu
is also expected to leverage Kandi’s global supply chain to enhance procurement efficiency and support cost optimization initiatives.
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.
About
Kandi Technologies Group, Inc.
Kandi
Technologies Group, Inc. (NASDAQ GS: KNDI) is a global innovator in intelligent equipment and a technology-driven platform company. Headquartered
in Jinhua, China, the Company’s primary focus is on intelligent mobility solutions, with a strategic emphasis on the North American
market, while actively pursuing opportunities in battery swap equipment, intelligent robotics and other emerging high-tech areas. Through
its subsidiaries, Kandi Technologies leverages its robust manufacturing capabilities and technological expertise to deliver innovative
products for a wide range of commercial and consumer applications.
For
more information, please visit ir.kandigroup.com. The Company routinely posts important updates on its website.
For
investor and media inquiries, please contact:
Kandi
Technologies Group, Inc.
Kewa
Luo
Tel:
+1 (212) 551-3610
Email:
IR@kandigroup.com
Piacente
Financial Communications
Brandi
Piacente
Tel:
+86-10-6508-0677
Email:
Kandi@thepiacentegroup.com
