Overview Advanced Battery Technologies Inc. (Ticker: ABAT) was a publicly traded NASDAQ company with executive offices in China and Flushing, NY. It operated three manufacturing campuses in mainland China—Dongguan, Wuxi, and Harbin—specializing in the development and production of rechargeable polymer lithium-ion (PLI) batteries, electric vehicles, electric bikes, and electric scooters.
Products and Technologies ABAT was primarily known for its expertise in developing and manufacturing lithium iron phosphate batteries. The company produced a variety of products, including customized mini golf carts, shuttles, e-bicycles, electric buses, and e-scooters fitted with advanced lithium iron phosphate batteries. According to Market Wire, ABAT’s batteries combined high-energy chemistry with state-of-the-art polymer technology, overcoming several limitations of traditional rechargeable batteries.
Market Penetration ABAT’s products were sold globally, often as generic or re-branded products. The company’s three manufacturing campuses served different functions:
- The Harbin and Dongguan facilities produced small and large PLI battery cells.
- The Wuxi facility focused on assembling electric bikes and scooters.
In the late 2000s, ABAT gained significant media attention in the U.S. and China, particularly after announcing an $85 million plant opening in Dongguan. ABAT’s scooter line included various models and prototypes that were re-branded and sold under multiple names, including Jinan Qingqi, Lynx, Ecobahn, and Wuxi Huina. Some of its known generic models, such as the ZQTD-690, were featured in its catalogs and warehouses.
ABAT established a presence in multiple international markets, including:
- Spain: Scooters sold under the ABAT name via ABAT CONNECTION in Alicante.
- Denmark: Re-branded as Lynx Scooters.
- Russia: Marketed under the Ecobahn brand.
- Poland: Sold as Pollana.
- Other markets: ABAT products were distributed in the Netherlands, Slovenia, Czech Republic, Italy, Turkey, India, and Singapore.
Recent Activities
- May 2009: ABAT acquired Wuxi Angell Autocycle, a manufacturer of electric and hybrid-electric scooters and e-bikes based in Wuxi, China. Prior to this acquisition, ABAT had been an investor and supplier, providing batteries, engines, controllers, and other components.
- June 2011: The company signed a $14.7 million contract to supply 24,000 electric vehicles—including motorized bicycles and scooters—to Wuxi Hao Jie Vehicle Co.
Allegations of Fraud and Delisting In March 2011, anonymous bloggers, who disclosed their financial interest in ABAT’s stock price decline, accused the company of misrepresenting its business operations. The allegations cited discrepancies between ABAT’s financial filings with the U.S. Securities and Exchange Commission (SEC) and China’s State Administration of Industry and Commerce. Concerns were also raised regarding the reliability of ABAT’s distributor relationships and related-party transactions.
Although the company issued a formal rebuttal and no fraud was ever officially proven, ABAT failed to file its third-quarter 2011 financial statements. As a result, the company was delisted from the NASDAQ exchange.
The controversy surrounding ABAT was featured in the 2017 financial documentary The China Hustle, which explored fraudulent activities in U.S.-listed Chinese companies.
