Citing national security risks, US Republican lawmaker John Moolenaar is calling on JPMorgan Chase & Co. and Bank of America to exit their roles in the Hong Kong initial public offering of Chinese battery giant Contemporary Amperex Technology (SHE:300750), Reuters reported Thursday.
In letters to both banks' chief executives, Moolenaar warned that underwriting the deal could link them to alleged human rights abuses and military threats, according to the report.
Moolenaar pointed to CATL's designation as a Chinese military company and alleged ties to forced labor in Xinjiang, Reuters wrote. "They risk complicity in underwriting genocide," Moolenaar said, urging a swift withdrawal.
CATL has previously denied any military or forced labor involvement, according to the report.
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