Effective May 1, 2015, Mr. Wang Cheng (Henry Wang) will be new Chief Financial Officer ("CFO") of Kandi Technologies Group, Inc. The Company's current CFO, Ms. Zhu Xiaoying, will resign from her position as the Company's CFO but will remain to be the CFO of Zhejiang Kandi Vehicles Co. Ltd., a wholly-owned subsidiary of the Company, effective April 30, 2015. Wang Cheng (Henry Wang), 42 years old, has over 20 years of international financial management experience.

Before joining the Company, Mr. Wang served as CFO for Shanghai Always Marketing Service Co., LTD., leading its procurement and finance departments since May 2014.