US lawmakers urge JPMorgan, BofA to withdraw from CATL IPO over CCP ties

JPMorgan Chase & Co. CEO Jamie Dimon and Bank of America CEO Brian Moynihan on Thursday received a letter from John Moolenaar, chairman of the United States House Select Committee on Chinese Communist Party (SCCCP), requesting that the banks drop their participation in Contemporary Amperex Technology Co., Limited's (CATL) impending Hong Kong IPO.
The Department of Defense has classified CATL as a "Chinese military company" in accordance with Section 1260H of the National Defense Authorisation Act, according to a report by SCCCP.
According to the letters, 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. SCCCP said that the Committee specifically points to CATL's involvement in the modernisation of China's submarine fleet with cutting-edge lithium-ion batteries and its connections to the Xinjiang Production and Construction Corps (XPCC), a sanctioned paramilitary group implicated in the extermination of Uyghur Muslims.
"If JPMorgan and Bank of America proceed with this IPO, they risk complicity in underwriting genocide, undermining American industry, and endangering US service members," said Chairman Moolenaar. "The letters outline serious national security threats and due diligence failures. The company's reported aggressive pursuit of the CATL deal, despite its low fee structure and their defence 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 prioritise national security and human rights in their decision-making," the letter stated, as quoted by SCCCP in a report.
The CCP's recent military actions close to Taiwan have previously drawn criticism from the US House Select Committee on Chinese Communist Party (SCCCP), which described them as "intimidation aimed at subjugating a free and democratic society."
An SCCCP post on X said the escalation was another example of the CCP's growing hostility and underscored the urgent need for "our democratic ally" to have the capacity and support to defend itself.

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