Washington, D.C. — Today, Chairman John Moolenaar of the House Select Committee on China sent a letter to JPMorgan Chase & Co. CEO Jamie Dimon and Bank of America CEO Brian Moynihan demanding the banks withdraw from their role in the upcoming Hong Kong initial public offering (IPO) of Contemporary Amperex Technology Co., Limited (CATL). The Department of Defense has designated CATL as a “Chinese military company” under Section 1260H of the National Defense Authorization Act.
The letters outline growing concern that JPMorgan and Bank of America’s involvement in the CATL IPO directly aids the Chinese Communist Party’s military buildup and ongoing human rights abuses. Specifically, the Committee cites CATL’s ties to the Xinjiang Production and Construction Corps (XPCC)—a sanctioned paramilitary entity involved in the genocide of Uyghur Muslims—and its role in modernizing China’s submarine fleet with advanced lithium-ion batteries.
“If JPMorgan and Bank of America proceed with this IPO, they risk complicity in underwriting genocide, undermining American industry, and endangering U.S. 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 defense 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 prioritize national security and human rights in their decision-making.”
