TELD Public-Source Startup Diligence Report
TELD has unusually strong public operating-scale evidence for a private unicorn—China-leading charging-network metrics, named OEM/JV relationships and advanced charging/R&D roadmap—but the investability question turns on opaque standalone economics, parent-control governance, competition, working capital and regulatory/legal controls.
TELD Public-Source Startup Diligence Report
Eligible for this public-source run: TELD appears to be an active unlisted/private unicorn tracked by CB Insights, but it is controlled by listed parent TGOOD and requires standalone financial, cap-table and legal diligence before any investment reliance.
TELD is an unlisted TGOOD-controlled subsidiary, and public sources provide mostly parent or charging-segment figures rather than audited standalone TELD financial statements, customer revenue, debt or cap-table detail.
Diligence request: Request audited TELD financials, cap table, debt schedule, shareholder agreements, board minutes, related-party transactions and carve-out bridge from TGOOD segment disclosures.
TELD ranks first by public charging piles, but mid-2024 data show Star Charge and Cloud Quick Charge close behind and the top three controlling over half the market.
Diligence request: Request station-level utilization, price realization, churn, win/loss, local concession terms and subsidy exposure by city.
Charging networks require site, grid, equipment and operations investment; TGOOD reports large receivables and charging-network expansion risks that could affect cash conversion.
Diligence request: Obtain TELD capex plan, site economics, utilization cohorts, AR aging, bad-debt reserve policy, cash-flow forecasts and funding commitments.
High-power charging, battery diagnostics and automated charging could create safety, warranty, cyber and uptime exposure if performance claims are not proven in operating data.
Diligence request: Request safety certifications, incident logs, charger failure rates, warranty reserves, product-liability insurance and third-party technical audits.
TELD received a 2021 SAMR fine for failure to notify a joint venture concentration and has public litigation/hearing signals, though available evidence does not show material damages.
Diligence request: Have PRC counsel run full SAMR, court, enforcement, administrative-penalty and credit-record searches for TELD and major subsidiaries.
Public sources name TGOOD and outside A-round investors, but options, warrants, minority rights and any 2026 stake transfers are not public.
Diligence request: Request full securities ledger, shareholder agreements, transfer restrictions, employee incentives and any current stake-transfer documents.
TGOOD says the platform generates large user, vehicle, battery and energy datasets and monetizes data-support services, creating privacy, cybersecurity and data-governance diligence needs.
Diligence request: Request cybersecurity filings, PIPL/data-sharing policies, security audits, data-rights terms with OEMs and incident history.
Public R&D projects target advanced liquid-cooled charging, battery-safety AI, V2G and automatic charging, but commercialization milestones and TELD-specific budgets are incomplete.
Diligence request: Request product roadmap, certification status, R&D spend by project, launch gates, IP assignments and pilot conversion metrics.
TELD has strong public scale and financing signals, but core standalone financial, cap-table and unit-economic diligence remains private.
partially verified confidence: medium
Public filings do not provide TELD standalone three-year financial statements. TGOOD discloses charging-network segment revenue/profit and scale, which are useful but insufficient for standalone quality-of-earnings work.
| period | metric | value | scope | verification status |
|---|---|---|---|---|
| 2024 | Charging-network revenue | CNY4.890B | TGOOD EV charging-network business segment | verified |
| 2024 | Net profit attributable to listed-company shareholders | CNY208M | TGOOD EV charging-network business segment | verified |
| 2023 | First annual profit narrative; charging piles and kWh | 523,000 piles; 9.3B kWh; first profit reported | TELD / TGOOD charging business per Yicai | partially_verified |
| 2023-2025 | Standalone audited financial package | not_publicly_verifiable | TELD standalone | not_publicly_verifiable |
Segment figures are not a substitute for TELD audited statements.
| item | public signal | risk interpretation | request |
|---|---|---|---|
| Accounts receivable | TGOOD reported CNY9.339B group AR at 2024 year-end. | Collection risk may affect cash conversion for charging and infrastructure contracts. | TELD AR aging, customer credit limits and bad-debt reserve policy. |
| Operating cash flow | TGOOD group operating cash-flow net amount CNY1.315B in 2024. | Positive parent CFO does not prove TELD standalone cash generation. | TELD standalone cash-flow statements and intercompany settlements. |
| Station/site capex | Charging-network expansion and advanced products imply ongoing investment. | Payback may vary materially by utilization and tariffs. | Station-level capex, utilization cohorts and payback schedule. |
not publicly verifiable confidence: low
Growth drivers are public, including terminals, users, automaker partnerships, microgrids and V2G, but formal projections and scenario assumptions are not public.
partially verified confidence: medium
TGOOD owned 77.71% of TELD at 2024 year-end; outside Series A investors are public, but full capitalization and minority rights are not.
| stakeholder | public position | diligence caveat |
|---|---|---|
| Qingdao TGOOD Electric Co., Ltd. | 77.71% TELD ownership at 2024 year-end; controlling parent | Confirm current stake, intercompany agreements, guarantees and control rights. |
| A-round investors | CB/36Kr list China Reform Fund, Guoxin Capital/China Structural Reform-related funds, CDH, Gaopeng Capital, Jinhui Xingye and others. | Request shareholder register, side letters and liquidation preferences. |
| Employees / options / warrants / debt holders | not_publicly_verifiable | Request ESOP, option/warrant schedule, debt instruments and off-balance-sheet liabilities. |
partially verified confidence: medium
Public financing history shows a unicorn-level CB tracker valuation and a large A round; tax positions, accounting policies and current financing terms are private.
| date | event | amount | post money | investors | verification status |
|---|---|---|---|---|---|
| 2019-12-16 | CB Insights unicorn-list tracker row | not disclosed in row | $1.12B tracker valuation | China Reform Fund; Gaopeng Capital; Jinhui Xingye | verified |
| reported March 2, year not reliable on fetched page | A round reported by 36Kr | approximately CNY1.35B | approximately CNY7.8B | China Reform Fund; Guoxin Capital; CDH Investment; others | verified |
| 2024-12-31 | No later public standalone round verified | not_publicly_verifiable | not_publicly_verifiable | not_publicly_verifiable | not_publicly_verifiable |
Use private financing documents for definitive round economics.
Mixed units intentionally expose need for normalized valuation bridge.
Public sources support a broad EV charging, microgrid and automated-charging product set; pricing, margins, warranties and certifications require company data.
partially verified confidence: medium
TELD has public evidence of broad EV-charging and microgrid products; pricing, costs, gross margin and product-level profitability are not public.
| product family | audience | public evidence | verification status |
|---|---|---|---|
| Group charging systems / high-power charging | Public, fleet, bus, logistics and OEM charging sites | Official site and TGOOD filing describe group charging, power pools and liquid-cooled terminals. | verified |
| Low-power and integrated chargers | Residential, commercial and lower-capacity sites | Official websites list low-power charging and integrated charger products. | verified |
| Automatic charging / charging robots | Autonomous vehicles, buses, logistics and passenger vehicles | TGOOD filing and Neolix Power Island article describe automatic-charging roadmap. | partially_verified |
| Microgrid / PV-storage-charging / VPP services | Enterprise parks, public sites and energy-management customers | Official product taxonomy and TGOOD filing describe microgrid products and VPP/demand-response services. | verified |
| pricing area | public signal | status | private data needed |
|---|---|---|---|
| High-power station construction/operation | IONCHI contract publicly valued at about CNY528M excluding tax. | partially_verified | Milestones, margin, warranties, capex, working-capital terms. |
| Consumer public charging tariffs | No standardized TELD tariff table found in accessible sources; tariffs likely vary by station/city/electricity price. | not_publicly_verifiable | Tariff schedule, discounts, electricity pass-through, take rate and utilization. |
| SaaS/data services | TGOOD describes data-support/value-added services but not pricing. | not_publicly_verifiable | Contracts, ARR/MRR, gross margin and data-rights terms. |
| application | products or services | evidence | gap |
|---|---|---|---|
| Public transport charging | Public transport charging network; high-power/group charging. | Official solution navigation and TGOOD five-network strategy. | Customer economics and service-level terms not public. |
| Public passenger-car charging | Public charging network; liquid-cooled super charging; mobile/app network. | Official solutions and TGOOD charging-network metrics. | Station-level utilization and tariffs not public. |
| Logistics/heavy trucks | Logistics charging network; Foton heavy-truck charging JV. | Official solution navigation; ChinaTrucks Foton/TELD agreement. | JV economics and volume commitments not public. |
| Enterprise parks / microgrids | Enterprise park charging network; microgrid products; VPP/demand response. | Official site and TGOOD annual report. | Contracts, permits and revenue model not public. |
Public customer evidence shows broad network, OEM and strategic-partner traction, but revenue concentration and contract economics are not public.
partially verified confidence: medium
Public customer evidence consists mainly of named partner/customer programs and network-scale metrics; top-15 customer list by application is not public.
| customer or segment | use case | public evidence | verification status |
|---|---|---|---|
| BMW/Mercedes-backed IONCHI | High-power charging station construction and operation | Gasgoo reports CNY528M TELD sales/service contract. | verified |
| 70+ automakers | Brand stations and data support | TGOOD annual report says 1,900 brand stations and 8,000 terminals in nearly 40 cities. | verified |
| Public charging users | Consumer/public charging | TGOOD/China Daily report tens of millions of registered users and large kWh volume. | verified |
| Top 15 customers by revenue | Checklist item | not_publicly_verifiable | not_publicly_verifiable |
verified confidence: medium
TELD has multiple publicly disclosed strategic relationships across automakers, ENEOS, IONCHI, Foton and Neolix, but economic contribution is mostly undisclosed.
| partner | nature | public evidence | diligence gap |
|---|---|---|---|
| ENEOS | Planned 50-50 charging-station JV in Beijing with CNY200M registered capital. | Yicai Global article. | Final JV documents, capital calls and governance. |
| IONCHI (BMW/Mercedes-backed) | High-power charging station construction/operation contract. | Gasgoo article, CNY528M contract value. | Margins, milestones, warranty and termination terms. |
| Foton Motor | JV for new-energy heavy-truck charging stations and global charging infrastructure sales. | ChinaTrucks article. | JV economics, territories and committed volumes. |
| Neolix | Power Island autonomous-vehicle charging/operations hub. | Pandaily article. | Pilot utilization, deployment economics and rollout commitments. |
not publicly verifiable confidence: low
No public source discloses revenue by customer or any customer over 5% of revenue.
partially verified confidence: medium
No significant relationship severed within the last two years was found; a historical Didi/Hui Di JV ceased operations in 2019 and triggered a SAMR fine.
partially verified confidence: medium
Supplier, grid, landlord and infrastructure dependencies are material but not fully public. Public filings describe network scope, grid/market interactions and platform services.
| dependency | public signal | risk | diligence request |
|---|---|---|---|
| Grid interconnection and electricity markets | TGOOD describes marketized electricity transactions, VPP and demand-response participation. | Local grid capacity/tariffs shape utilization and margin. | Grid contracts, tariff exposure and demand-response revenue by city. |
| Charging modules, transformers and liquid-cooled systems | TGOOD describes high-power modules and liquid-cooled systems under R&D/product roadmap. | Supplier bottlenecks or quality defects could impair uptime. | Top suppliers by spend, warranty terms and quality KPIs. |
| Site landlords / parking operators | Public charging stations require station locations and lease rights; IONCHI contract includes lease rights for station locations. | Site churn or unfavorable leases can impair payback. | Site lease/concession schedule and renewal risk. |
TELD appears to be a leading China public charging operator, but Star Charge, Cloud Quick Charge and others create substantial competitive pressure.
verified confidence: medium
TELD is a market leader by public charger counts, but competition is tight and pricing/utilization pressure is plausible.
| competitor | public metric | overlap | s |
|---|---|---|---|
| TELD | 595k public piles and 19.06% share in June 2024; 709k public terminals at 2024 year-end per TGOOD. | Target company | — |
| Star Charge | 554k public piles and 17.76% share in June 2024. | Direct operator competitor | — |
| Cloud Quick Charge / YKC | 526k public piles and 16.86% share in June 2024. | Direct operator/platform competitor | — |
| State Grid and Weijingyun | 196k and 169k public piles respectively in June 2024. | Compete for public charging footprint and grid/site access. | — |
| axis | teld position | competitor pressure | e |
|---|---|---|---|
| Network scale | Leader by public charger count in multiple sources. | High; Star Charge and Cloud Quick Charge close behind. | — |
| Technology / high-power charging | Public filings claim high-power liquid-cooled and automatic charging roadmap. | Medium; independent validation not public. | — |
| OEM/partner ecosystem | 70+ automakers and named IONCHI/Foton/Neolix/ENEOS relationships. | Medium; economic exclusivity unknown. | — |
| Pricing/utilization | not_publicly_verifiable | High; commodity charging can face local price competition. | — |
GTM relies on owned network operations, OEM partnerships, JVs/contracts and platform/data services; sales productivity and budget efficiency are private.
partially verified confidence: medium
Public GTM signals show direct charging-network operations, five charging-network scenarios, OEM/partner branded stations and microgrid/VPP services.
| channel | public evidence | commercial signal | gap |
|---|---|---|---|
| Owned public charging network/app | 709k public terminals; 34M registered users; official charging-network pages. | High reach; utilization economics private. | Tariffs, utilization, churn and user acquisition cost. |
| OEM brand stations / data support | 70+ automakers, 1,900 brand stations, 8,000 terminals. | Partner-led scale and data integration. | Revenue contribution and data terms. |
| Enterprise/JV station construction and operation | IONCHI, ENEOS, Foton and Neolix relationships. | Contract/JV-driven growth. | Margins, backlog and capital commitments. |
| SaaS/data/value-added services | TGOOD describes platform SaaS and data-support services. | Potential high-margin adjacencies. | ARR, pricing and compliance obligations. |
| signal | evidence | strength | caveat |
|---|---|---|---|
| Owned Chinese/English web presence | teld.cn and teld.com with product and solution navigation. | Medium | Marketing content; no traffic/conversion data. |
| Partner PR / industry coverage | Yicai, Gasgoo, ChinaTrucks and Pandaily coverage of named partnerships. | Medium-high | PR does not confirm revenue conversion. |
| LinkedIn global profile | Public LinkedIn page with 133 followers and limited employee profiles. | Low | Weak signal for China-focused workforce/market. |
partially verified confidence: medium
Major customer trends are only partially public through automaker partner counts and named IONCHI/Foton/Neolix relationships.
verified confidence: medium
Principal avenues for new business appear to be network operations, OEM/brand-station partnerships, infrastructure JVs, fleet/heavy-truck charging and platform/SaaS/data services.
not publicly verifiable confidence: low
Sales force productivity, compensation, average quota, sales cycle and hiring plans are not public.
| metric | public status | why it matters | request |
|---|---|---|---|
| Sales headcount and quota attainment | not_publicly_verifiable | Tests repeatability of enterprise and JV sales. | Sales org by role, quota, bookings and attainment. |
| Pipeline by stage | not_publicly_verifiable | Supports forward revenue visibility. | CRM export with probability, expected value and close date. |
| CAC / payback / sales cycle | not_publicly_verifiable | Determines efficiency of network/user acquisition and enterprise contracts. | CAC, payback and cycle by channel. |
No public sales-productivity model was found.
not publicly verifiable confidence: low
Ability to execute the marketing plan with current and projected budgets cannot be verified publicly.
Parent-level R&D spending and charging technology roadmap are public, while TELD-specific R&D staffing, project economics and IP ownership are not.
partially verified confidence: medium
Parent-level R&D investment and personnel are public; TELD-specific R&D org chart and allocations are not.
| metric | value | scope | verification status |
|---|---|---|---|
| R&D personnel | 1,219 in 2024; 1,160 in 2023 | TGOOD group | verified |
| R&D personnel percentage | 12.66% in 2024 | TGOOD group | verified |
| TELD-specific R&D org | not_publicly_verifiable | TELD standalone | not_publicly_verifiable |
partially verified confidence: medium
Public filings identify liquid-cooled group charging, battery-safety AI, automatic charging and V2G/microgrid projects; timing, cost and risk details are private.
| project | status | target or claim | key risk |
|---|---|---|---|
| High-power liquid-cooled group-charging monitoring system | R&D in progress in annual report | 720kW power stack; 400-1000A single-gun liquid-cooled terminal compatibility. | Certification, reliability and vehicle compatibility. |
| Battery-safety large model | Reported completed in annual report | Battery fault diagnosis using charging-network big data. | Model validation, liability and data compliance. |
| Passenger-car automatic charging robot / Power Island | 2024 internal development; 2026 Power Island launch reported | Automated charging and operations hub for AV fleets. | Commercial adoption and safety certification. |
| asset or claim | public record | defensibility interpretation | gap |
|---|---|---|---|
| WO2023019856A1 online power-supply/charging system | WIPO patent application record via SumoBrain naming Xian TELD Linchr. | Potential patent-family signal in charging technology. | Ownership chain, claims scope and maintenance status. |
| TELD WIPO trademark #1689427 | Trademark owner TELD New Energy Co., Ltd.; EV charging goods/services classes. | Brand protection signal. | Current status by jurisdiction and enforcement history. |
| High-power charging and battery safety data model | TGOOD annual report product/R&D claims. | Operational data and network scale may be moat if proprietary and compliant. | Trade-secret controls, data rights and model validation. |
Public management and headcount data are sparse; parent control and selected executive names are visible, but org, compensation and turnover require data-room diligence.
not publicly verifiable confidence: low
A full TELD organization chart is not public. Public sources identify parent control and selected executives only.
Reporting lines below public leadership are analyst placeholders, not verified.
partially verified confidence: low
TELD standalone headcount is not public; parent R&D personnel and LinkedIn profile counts are weak directional signals only.
| signal | value | scope | confidence |
|---|---|---|---|
| R&D personnel | 1,219 in 2024 | TGOOD group | high |
| LinkedIn public employee profiles | View all 9 employees; 133 followers | TELD LinkedIn page, self-selected profiles | low |
| TELD total headcount by function/location | not_publicly_verifiable | TELD standalone | low |
partially verified confidence: medium
Public biographies are sparse. Sources identify Yu Dexiang as TELD chairman in 2026 reporting and Guo Yongguang as president/former CEO in public databases/articles.
| name | public role | source | confidence | gap |
|---|---|---|---|---|
| Yu Dexiang | TELD chairman quoted by Pandaily; also TGOOD/TELD chairman cited in 36Kr context. | Pandaily; 36Kr | medium | Current formal TELD board role and equity ownership. |
| Guo Yongguang | TELD president in ChinaTrucks article; former CEO in CB Insights people page. | ChinaTrucks; CB Insights People | medium | Current title, responsibilities and employment terms. |
| Liu Zhongcheng; Wang Kunpeng | TELD vice presidents attending Foton JV signing. | ChinaTrucks | medium | Biographies and current functions. |
not publicly verifiable confidence: low
Key employment agreements and benefit plans are not public; parent-level stock incentive/employee stock plan references are visible in TGOOD risk discussion.
not publicly verifiable confidence: low
TELD-specific incentive stock plans are not public.
not publicly verifiable confidence: low
Significant employee relations problems are not public; TGOOD flags management-span risk as subsidiaries expand.
| area | public signal | risk | request |
|---|---|---|---|
| Compensation and incentives | TGOOD annual report mentions parent stock incentive and employee stock plan; TELD-specific arrangements not public. | Alignment/dilution and retention unknown. | Executive employment agreements, incentive plans and option ledger. |
| Turnover | not_publicly_verifiable | Specialized operations/R&D talent retention risk. | Two-year turnover by function/location and regretted attrition. |
| Employee relations / safety | TGOOD flags management-span risk as subsidiaries expand. | Field operations and safety issues may scale with network. | Employee-relations log and worker-safety incident history. |
not publicly verifiable confidence: low
Personnel turnover data for TELD is not publicly verifiable.
A historical SAMR penalty, public litigation signals and public IP records exist; full legal, regulatory, insurance, EHS and IP diligence requires counsel searches and company documents.
partially verified confidence: medium
Public legal signals include a 2026 property-damage hearing notice and older consumer litigation reporting; complete docket diligence is required.
| matter | status | public evidence | diligence request |
|---|---|---|---|
| 2026 property-damage compensation dispute | Hearing notice; TELD defendant/appellee per secondary article | Securities Star/Tianyancha summary. | Official docket, complaint, amount claimed and status. |
| Historical Zotye Yun100S vehicle-sale disputes / subsidy-fraud questions | Reported litigation; plaintiffs' requests not supported in reported cases | The Paper article. | Underlying judgments and any related regulatory inquiries. |
| SAMR failure-to-notify penalty | CNY500,000 fine; JV stopped business in 2019 | TGOOD announcement via Sina. | Full SAMR decision and compliance remediation records. |
not publicly verifiable confidence: low
No pending lawsuits initiated by TELD were verified from accessible public sources.
| category | public signal | verification status | request |
|---|---|---|---|
| Lawsuits initiated by TELD | No pending TELD-initiated lawsuits verified in accessible sources. | not_publicly_verifiable | Counsel litigation register and official docket search. |
| Named material contracts / JVs | IONCHI, ENEOS, Foton and Neolix relationships publicly reported. | partially_verified | Executed contracts, amendments, economics and obligations. |
| Related-party contracts | TELD controlled by TGOOD; related-party arrangements not public. | not_publicly_verifiable | Intercompany agreements and transfer-pricing policy. |
partially verified confidence: medium
Charging safety is central to TELD's product claims, but environmental/employee-safety liabilities and incident records are not public.
| area | public evidence | verification status | request |
|---|---|---|---|
| Corporate insurance coverage | No TELD corporate policy schedule found; TGOOD mentions insurer partnerships for battery-degradation services. | not_publicly_verifiable | Insurance schedule, loss runs, limits, deductibles and named insureds. |
| Charging/product safety incidents | Product safety features and battery-safety R&D are public; incident logs are not. | not_publicly_verifiable | Incident logs, recalls, fire reports, warranty claims and corrective actions. |
| Environmental/site liabilities | No site-level EHS liabilities found in accessible public sources. | not_publicly_verifiable | Permits, environmental audits, landlord indemnities and site remediation obligations. |
partially verified confidence: medium
Public IP evidence includes a WIPO trademark and at least one WIPO patent application associated with TELD-related entities; full IP ownership/FTO is not public.
| asset or action | jurisdiction or agency | status | s |
|---|---|---|---|
| TELD trademark #1689427 | WIPO international trademark system | Public trademark record for charging-related goods/services. | — |
| WO2023019856A1 online power-supply/charging system | WIPO patent application | Published patent application record. | — |
| SAMR failure-to-notify concentration penalty | China State Administration for Market Regulation | CNY500,000 fine in 2021; no competition harm found. | — |
| Full IP portfolio and licenses | PRC/WIPO/foreign jurisdictions | not_publicly_verifiable | — |
not publicly verifiable confidence: low
Insurance coverage is not public. TGOOD discloses insurance-industry partnerships for battery-degradation services, which is distinct from TELD's own coverage.
partially verified confidence: medium
Material contract signals are public for IONCHI, ENEOS, Foton and Neolix, but terms and obligations are not.
partially verified confidence: medium
A historical SAMR antitrust filing penalty is verified; no current agency problem was verified, but regulatory searches were incomplete.
| ID | Claim | Status | Sources |
|---|---|---|---|
| EC-001 | CB Insights' public unicorn table lists TELD at a $1.12B valuation, joined 2019-12-16, China/Qingdao, Industrials. | verified high | SRC-001 |
| EC-002 | CB Insights' TELD profile describes the company as founded in 2014, Series A, Alive, with $193.24M total raised and Qingdao headquarters. | verified high | SRC-002 |
| EC-003 | 36Kr reported TELD's approximately CNY1.35B A round, post-money valuation of about CNY7.8B, investors and use of proceeds. | verified medium | SRC-003 |
| EC-004 | TGOOD's 2024 annual report identifies TELD as a controlled subsidiary with 77.71% parent ownership and discloses major charging-network segment metrics. | verified high | SRC-004 |
| EC-005 | Yicai reported TELD's first annual profit after nearly a decade, with 523,000 charging piles and 9.3B kWh supplied in 2023. | partially verified medium | SRC-005 |
| EC-006 | China Daily reported TELD had China's largest charging infrastructure network and 537,000 public charging piles by January 2024. | verified medium | SRC-006 |
| EC-007 | TELD's owned websites list product families spanning microgrid products, group charging, low-power charging, automatic charging, integrated chargers and multiple charging-network scenarios. | verified medium | SRC-007SRC-008 |
| EC-008 | TGOOD's 2024 annual report describes advanced charging products, including megawatt-scale power pools, liquid-cooled terminals, automatic charging robots and microgrid products. | verified high | SRC-004 |
| EC-009 | TGOOD reported TELD/charging-platform ecosystem data including 34M registered users, 14TB daily data, 70+ automaker collaborations, 1,900 brand stations and 8,000 brand-station terminals. | verified high | SRC-004 |
| EC-010 | Yicai reported a 50-50 TGOOD/ENEOS charging-station JV with CNY200M registered capital and noted TELD's 2023 market scale. | verified medium | SRC-009 |
| EC-011 | Gasgoo reported TELD signed an approximately CNY528M contract with BMW/Mercedes-backed IONCHI for high-power charging stations. | verified medium | SRC-010 |
| EC-012 | ChinaTrucks reported Foton Motor and TELD signed a JV agreement to build and operate heavy-truck charging stations and expand global infrastructure sales. | verified medium | SRC-011 |
| EC-013 | Pandaily reported Neolix and TELD launched a Power Island autonomous-vehicle charging hub in Qingdao and planned broader rollout. | partially verified medium | SRC-012 |
| EC-014 | Jiemian reported TELD led public charging-pile operators in June 2024 with 595,000 piles and 19.06% share, but close competitors followed. | verified medium | SRC-013 |
| EC-015 | A commercial 2024 charging-data summary reported July 2024 operator counts with TELD at 608,000 units, ahead of Star Charge and Cloud Quick Charge. | partially verified low | SRC-014 |
| EC-016 | TGOOD's 2024 annual report discloses parent-level R&D investment, R&D personnel and selected charging-related projects. | verified high | SRC-004 |
| EC-017 | TGOOD's annual report flags receivables and management risks that are relevant to TELD's charging-network expansion. | verified high | SRC-004 |
| EC-018 | TELD received a 2021 SAMR administrative penalty for failing to notify a JV concentration with Hui Di Tianjin/Didi; the fine was CNY500,000. | verified high | SRC-015 |
| EC-019 | The Paper reported prior consumer litigation and subsidy-related questions involving TELD/Tianjin TELD; claims by some vehicle purchasers were not supported by courts in the reported cases. | inconclusive medium | SRC-016 |
| EC-020 | Securities Star reported a 2026 property-damage hearing where TELD was defendant/appellee and three historical TELD hearing announcements in the prior year. | partially verified medium | SRC-017 |
| EC-021 | A WIPO patent application record exists for an online power-supply and charging system/control method associated with Xian TELD Linchr New Energy Tech Co. Ltd. | verified medium | SRC-018 |
| EC-022 | A WIPO TELD trademark record lists TELD New Energy Co., Ltd. as owner for charging-related goods and services. | verified medium | SRC-019 |
| EC-023 | TELD's public LinkedIn page provides weak employee/digital-presence signals and describes TELD as a TGOOD subsidiary and China's largest EV charging network operator. | partially verified low | SRC-020 |
| EC-024 | CB Insights' people page lists Yongguang Guo as TELD's former Chief Executive Officer. | verified medium | SRC-021 |
| EC-025 | Detailed standalone annual/quarterly TELD financial statements, projections, pricing, customer revenue and AR aging were not publicly verifiable. | not publicly verifiable high | SRC-002SRC-004SRC-005 |
| EC-026 | TELD public pricing, gross-margin by product/channel and unit-economics cohorts are not publicly verifiable from accessible sources. | not publicly verifiable high | SRC-007SRC-010SRC-004 |
| EC-027 | Top-customer revenue and customer concentration are not publicly verifiable, despite disclosed partner breadth. | not publicly verifiable high | SRC-004SRC-010SRC-011SRC-012 |
| EC-028 | TELD sales-force productivity, quotas, compensation, sales cycle and marketing budgets are not publicly verifiable. | not publicly verifiable high | SRC-004SRC-007SRC-010 |
| EC-029 | Complete litigation, enforcement, insurance and environmental/safety exposure searches were not publicly verifiable through accessible sources. | not publicly verifiable high | SRC-015SRC-016SRC-017 |
| EC-030 | No credible public evidence was found that TELD itself has IPO'd, been acquired or shut down as of the research date; public evidence instead points to active operations as an unlisted TGOOD-controlled subsidiary. | partially verified medium | SRC-002SRC-004SRC-011SRC-012SRC-022 |
| EC-031 | TELD's ownership by listed parent TGOOD creates a control, related-party and liquidity diligence issue. | verified high | SRC-004SRC-002SRC-003 |
| EC-032 | TELD's charging-network economics rely on grid, site, supplier and energy-market dependencies that are only partially public. | partially verified medium | SRC-004SRC-009 |
This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.