CATL$CATL(300750.SZ)’s Hong Kong IPO got sabotaged, did the Americans panic?
A U.S. congressman on Thursday (April 17) called on JP Morgan$JPMorgan Chase(JPM.US) and Bank of America$Bank of America(BAC.US) to withdraw from underwriting the initial public offering (IPO) of Chinese EV battery giant CATL.
According to Reuters, House Select Committee on China Chairman John Moolenaar said he had sent letters to JP Morgan CEO Jamie Dimon and Bank of America CEO Brian Moynihan, urging them to pull out of the Hong Kong IPO underwriting.
In his letter to Dimon, Moolenaar stated that CATL has been designated by the U.S. Department of Defense as a Chinese military-industrial company, and its lithium-ion batteries may soon power China’s submarine fleet.
Moolenaar also claimed CATL has ties to a quasi-military entity allegedly involved in forced labor camps in Xinjiang.
Spokespersons for JP Morgan and Bank of America declined to comment. CATL has yet to respond to requests for comment.
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