A senior Republican lawmaker has called on JPMorgan Chase and Bank of America to withdraw from underwriting the forthcoming initial public offering (IPO) of Chinese battery giant CATL in Hong Kong, citing national security risks and alleged human rights violations.
John Moolenaar, Chair of the House Select Committee on China, said he had written to the chief executives of both banks—Jamie Dimon and Brian Moynihan—urging them to reconsider their involvement in the listing. CATL, the world’s largest producer of electric vehicle batteries, is seeking to raise at least $5 billion in what could become Hong Kong’s largest IPO in four years.
Moolenaar warned that by proceeding with the deal, the banks risk being “complicit in underwriting genocide,” referencing allegations that CATL has links to forced labour practices in China’s Xinjiang region. He also cited concerns about the company’s designation by the US Department of Defense as a “Chinese military company,” and claims its batteries may be used in China’s submarine fleet.
“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,” Moolenaar said in a public statement.
Neither CATL nor the Chinese Embassy in Washington responded to requests for comment. CATL has previously denied any links to military activity or suppliers based in Xinjiang. It has stated it is “not engaged in any military-related activities.”
JPMorgan and Bank of America declined to comment on the matter.
CATL, a major supplier of lithium iron phosphate batteries to Tesla’s Shanghai facility, is expected to list in the second quarter of 2025. The company’s IPO would be the largest in Hong Kong since Kuaishou Technology raised $6.2 billion in 2021.
