The chairman of the House panel on the Chinese Communist Party urged two U.S. banks to withdraw from working on a first-time share sale of a Chinese electric vehicle battery titan, saying they could face “significant regulatory, financial, and reputational risks” by underwriting its listing.
Rep. John Moolenaar (R-Mich.), chairman of the House Select Committee on the Chinese Communist Party, urged Bank of America and JPMorgan Chase on April 17 to halt further work on Contemporary Amperex Technology Co. Ltd.’s (CATL) initial public offering.
In letters to Bank of America CEO Brian Moynihan and JPMorgan Chase CEO Jamie Dimon, Moolenaar emphasized that the Department of Defense (DoD) designated CATL as a “Chinese military company” in January. While this does not restrict the company’s operations, it can stigmatize the brand and affect business and investment relationships….