Richter raises serious questions about the company's ability to maintain the growth it has reported. He argues that investors may think the company is the "Tesla of China" but it has very low odds of achieving such success.
He said the company caught his attention in part because it has a market capitalization of about $600 million but isn't covered by a single analyst. "We ran a screen of market capitalization divided by the number of analysts," Richter said. "In this case, the denominator was zero."
Richter said he also questioned the company's choice of financial auditor. Rather than a major firm, Kandi continues to retain Albert Wong & Co., an agency that focuses on companies with tiny market capitalizations—essentially penny stocks. Albert Wong didn't respond to a request for comment from CNBC Digital.
Kandi investors also appear excited about a joint venture with Geely, the owner of Volvo, Richter said. But based on his analysis, Geely has made a very small contribution to the JV and won't be involved in the future. Kandi and Geely didn't respond to requests for comment from CNBC DIgital.
Richter said he has been covering electric cars for years, focusing on all elements of the supply chain. He founded Tectonic in 2013 and previously worked for firms including Susquehanna International Group and SAC Capital Advisors. He is a graduate of MIT.
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Third place went to an idea to short REC Silicon, a Norway-listed company that mainly produces polysilicon used in solar panels. The pitch was submitted by Shawn Kravetz of Esplanade Capital, a Boston-based firm founded in 1999.
Kravetz argues that REC is a well-run company, but it is vulnerable to a change in Chinese law that could have catastrophic consequences. He points out that the majority of REC's polysilicon is shipped to China. Unfortunately, China plans to begin imposing a steep tariff in 2015 on polysilicon imported from the U.S., where REC conducts most of its production.
Kravetz said that when news of the Chinese tariff came out, the stock was trading at a 15 percent premium to the group. The company now has "a sword of Damocles hanging over its head," he said. "The stock shouldn't trade at such a premium."
Without China, REC would likely be unable to sell its polysilcon inventory, he said. "There's not enough demand for it outside of China," he said. REC didn't respond to a request for comment from CNBC.
Kravetz said he has been following REC since it went public and has actually owned the stock in the past. Kravetz also owns another polysilicon maker that trades at a lower multiple. His fund focuses on a range of sectors including solar power, casino gaming and consumer products. Kravetz has a degree in economics from Harvard and attended Harvard Business School.
The winners were selected by 18 judges comprised of hedge funds and major asset allocators. They incuded Glenn Tongue of Deerhaven Capital Management, MIT Investment Co., Robert Wood Johnson Foundation, Quincy Lee of Teton Capital Partners, Tom Saberhagen of Akre Capital Management, Zeke Ashton of Centaur Capital Partners and University of Notre Dame.