The U.S. House of Representatives Select Committee on China sent subpoenas to the CEOs of JPMorgan and Bank of America over their roles in Contemporary Amperex Technology's (SHE:300750, HKG:3750) Hong Kong IPO.
CATL debuted in Hong Kong in May, raising HK$41.0 billion, in what KPMG described as the largest IPO globally so far this year, and the biggest Hong Kong float since 2021.
JPMorgan and Bank of America underwrote the IPO.
The U.S. House panel accused CATL of being a "key player" in China's military-civil fusion strategy, developing technologies for commercial and military applications.
"CATL's industry-leading role in battery manufacturing-a sector explicitly targeted by China's state-driven military-civil fusion policy-poses significant U.S. investor and national security risks," according to the subpoenas.
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