China hawks in Congress are pressuring executives at the financial giants JPMorgan Chase and Bank of America to back out of their business with a controversial China-based electric car battery firm.
Last month, John Moolenaar (R-Michigan), the chair of the House Select Committee on the Chinese Communist Party, wrote to the CEOs of both banks to express “significant concerns” about their involvement in Contemporary Amperex Technology’s Hong Kong initial public offering (IPO).
The firm, known as CATL, is an electric vehicle battery manufacturer, but Moolenaar says it’s also a Communist Party-aligned “Chinese military company” tied to the ongoing persecution of the Uyghur people.
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“CATL maintains a close, tier-one supplier relationship with the Xinjiang Production and Construction Corps (XPCC), a paramilitary entity of the Chinese state
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