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On Thursday, Jamie Dimon, CEO of JPMorgan Chase & Co., and Brian Moynihan, CEO of Bank of America, received a letter from John Moolenaar, the chairman of the United States House Select Committee on the Chinese Communist Party (SCCCP). The letter urged the banks to withdraw their involvement 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, as reported by the SCCCP.
The correspondence expressed growing apprehension that the participation of JPMorgan and Bank of America in the CATL IPO would directly facilitate the Chinese Communist Party’s ongoing human rights abuses and military expansion. The SCCCP highlighted CATL’s role in modernizing China’s submarine fleet with advanced lithium-ion batteries and its ties to the Xinjiang Production and Construction Corps (XPCC), a sanctioned paramilitary organization accused of the genocide of Uyghur Muslims.
Chairman Moolenaar stated, “If JPMorgan and Bank of America move forward with this IPO, they risk being complicit in underwriting genocide, undermining American industry, and jeopardizing U.S. service members. The letters detail significant national security risks and failures in due diligence.
The company’s reported aggressive pursuit of the CATL deal, despite its low fee structure and defense connections, raises further concerns regarding risk and regulatory oversight. As Chairman, I am closely monitoring how major financial institutions interact with companies associated with the Chinese Communist Party. The House Select Committee on China is actively investigating these relationships, and we urge JPMorgan and Bank of America to prioritize national security and human rights in their decision-making,” as quoted in the SCCCP report.
The recent military maneuvers by the CCP near Taiwan have faced condemnation from the US House Select Committee on the Chinese Communist Party (SCCCP), which characterized these actions as “intimidation intended to dominate a free and democratic society.”
In a post on X, the SCCCP highlighted that this escalation exemplifies the CCP’s increasing aggression and emphasized the critical necessity for “our democratic ally” to possess the means and backing to ensure its defense.
