EddieJayonCrypto
21 May 25
China hawks in Congress are urging JPMorgan Chase and Bank of America to withdraw from their involvement with Contemporary Amperex Technology (CATL), a Chinese electric vehicle battery maker. John Moolenaar, chair of the House Select Committee on the Chinese Communist Party, expressed concerns over ...
Congressional China hawks are intensifying pressure on JPMorgan Chase and Bank of America to withdraw their support for Contemporary Amperex Technology (CATL), a prominent Chinese electric vehicle battery maker, due to alleged ties to Chinese military operations and Uyghur forced labor abuses.John Moolenaar, chair of the House Select Committee on the Chinese Communist Party, has voiced significant concerns about CATL’s connection to the Xinjiang Production and Construction Corps (XPCC), a paramilitary group implicated in human rights violations against Uyghurs. XPCC is linked to forced labor camps and is a central focus of the Uyghur Forced Labor Prevention Act (UFLPA). Moolenaar described CATL as a Communist Party-aligned “Chinese military company” owing to its close supplier relationship with XPCC.Both JPMorgan Chase and Bank of America are underwriting CATL’s Hong Kong IPO, which raised approximately $4.6 billion. CATL’s shares are poised to begin trading on the Hong Kong Stock Exchange imminently, stirring controversy as congressional figures urge the banks to reconsider their involvement.This situation underscores growing scrutiny of Chinese companies’ supply chain ethics and military connections, especially concerning human rights abuses in Xinjiang. It also highlights the complex intersection of global finance, geopolitics, and corporate responsibility in the ongoing China-U.S. tensions.