China Hawks in congress under pressure managers with the financial giants JPMorgan Chase and Bank of America to withdraw their business with a controversial company for electric cars in China.
Last month, John Moolenaar (R-Michigan), the chairman of the House Select Committee on the Chinese Communist Party, wrote to the CEOs of both banks to express ‘considerable concerns’ about their involvement in the Hong Kong-Opbary offer (IPO) of Barperex Technology (IPO).
The company, known as Catl, is a manufacturer of the battery of electric vehicles, but Moolenaar says that it is also a communist party aligned “Chinese military company” bound to the continuous prosecution of the Ueghur people.
“CATL maintains a narrow, tier-one supplier relationship with the Xinjiang Production and Construction Corps (XPCC), a paramilitary entity of the Chinese state that operates forced labor camps and is directly bound to the persistent genocide of Uyghur-Muslims in Xinjiang.
XPCC was the fundamental entity written in the Uyghur Forced Labor Prevention Act (UFLPA) and is connected to mass random detention, severe physical abuse and other human rights violations aimed at Uyghurs and other ethnic minorities in the region. “
Both JPMorgan Chase and Bank of America (BOA) insure Catl’s IPO, who reportedly collected $ 4.6 billion. According to Reuters, CATL shares will start acting today on the Hong Kong Stock Exchange.
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