Congressman John Moolenaar Chairman of the Select Committee on the CCP | Official U.S. House headshot
Congressman John Moolenaar Chairman of the Select Committee on the CCP | Official U.S. House headshot
Today, in Washington, D.C., Chairman John Moolenaar of the House Select Committee on China addressed a letter to the CEOs of JPMorgan Chase & Co. and Bank of America, Jamie Dimon and Brian Moynihan respectively, urging them to retract their support for the Hong Kong IPO of Contemporary Amperex Technology Co., Limited (CATL). The letter highlights the Department of Defense's categorization of CATL as a “Chinese military company” under the National Defense Authorization Act.
Concerns detailed in the letter focus on the impact of JPMorgan and Bank of America’s assistance in the CATL IPO, which could contribute to the Chinese Communist Party’s military expansion and alleged human rights infractions. In particular, the Committee points out CATL's connections with the Xinjiang Production and Construction Corps (XPCC), an entity involved in the persecution of Uyghur Muslims and sanctioned for its paramilitary activities, as well as CATL's involvement in upgrading China's submarine capabilities with advanced lithium-ion batteries.
"If JPMorgan and Bank of America proceed with this IPO, they risk complicity in underwriting genocide, undermining American industry, and endangering U.S. service members,” Moolenaar stated. He expressed concerns about the national security implications and the due diligence failures highlighted in the letters, noting the potential risks and insufficient regulatory oversight surrounding the CATL deal. "The company's reported aggressive pursuit of the CATL deal, despite its low fee structure and their defense ties, adds to concerns over risk and regulatory oversight. As Chairman, I am closely monitoring how major financial institutions engage with companies linked to the Chinese Communist Party. The House Select Committee on China is actively examining these relationships, and we urge JPMorgan and Bank of America to prioritize national security and human rights in their decision-making."
The full letters addressed to JPMorgan Chase and Bank of America are available for public viewing.
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