JPMorgan, BofA Under Fire for Ties to CATL’s Hong Kong IPO, Lawmaker Says

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A Republican lawmaker has called for JPMorgan Chase & Co. and Bank of America to withdraw from assisting with the initial public offering (IPO) of Chinese electric vehicle battery giant CATL. John Moolenaar, chair of the House Select Committee on China, sent letters to JPMorgan's CEO Jamie Dimon and Bank of America's CEO Brian Moynihan, urging them to pull out of underwriting CATL's upcoming IPO in Hong Kong. 

Moolenaar cited CATL’s designation as a Chinese military company by the U.S. Department of Defense and its involvement in supplying batteries that could power China’s submarine fleet. He also alleged ties to a paramilitary group linked to forced labor camps in Xinjiang, where Uyghur minorities are detained. Moolenaar argued that if the banks proceed, they risk complicity in "underwriting genocide," harming American industry, and endangering U.S. service members.

CATL, the world's largest EV battery maker, denied these claims, stating it does not engage in military activities and has no suppliers from Xinjiang. The company did not respond immediately to the letter. The IPO is expected to take place in the second quarter of the year, aiming to raise at least $5 billion, marking the largest Hong Kong listing in four years.

Paraphrasing text from "Reuters" all rights reserved by the original author