Washington D.C., April 21, 2025: U.S. lawmakers have urged JPMorgan Chase and Bank of America to pull out of the planned IPO of Chinese battery giant CATL, citing concerns over the company’s alleged ties to the Chinese Communist Party and potential involvement in forced labor in Xinjiang. They warned that supporting such firms could pose national security and human rights risks.
The lawmakers emphasized that American financial institutions should avoid backing entities linked to human rights abuses or China’s strategic agenda. CATL, the world’s top EV battery producer, is preparing for a major overseas listing, and the call from Congress adds pressure on banks to reassess their role in the deal.
