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US lawmakers urge JPMorgan, Bank of America to exit carmaker CATL IPO over its ties to the Chinese Communist Party (CCP) (selectcommitteeontheccp.house.gov)

submitted 1 day ago by randomname@scribe.disroot.org to c/usnews@beehaw.org

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cross-posted from: https://scribe.disroot.org/post/2560557

Chairman John Moolenaar of the House Select Committee on China sent a letter to JPMorgan Chase & Co. CEO Jamie Dimon and Bank of America CEO Brian Moynihan demanding the banks withdraw from their role in the upcoming Hong Kong initial public offering (IPO) of Contemporary Amperex Technology Co., Limited (CATL). The Department of Defense has designated CATL as a “Chinese military company” under Section 1260H of the National Defense Authorization Act.

The letters outline growing concern that JPMorgan and Bank of America’s involvement in the CATL IPO directly aids the Chinese Communist Party’s military buildup and ongoing human rights abuses. Specifically, the Committee cites CATL’s ties to the Xinjiang Production and Construction Corps (XPCC)—a sanctioned paramilitary entity involved in the genocide of Uyghur Muslims—and its role in modernizing China’s submarine fleet with advanced lithium-ion batteries.

According to the Committee, there is rising concern that JPMorgan and Bank of America's participation in the CATL IPO directly supports the Chinese Communist Party's continued violations of human rights and military buildup.

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