House China Committee Urges Bank of America, JPMorgan to Withdraw From CATL IPO

Potential initial public offering of Chinese electric vehicle battery maker could be one of the year’s biggest.

CATL, a Chinese electric battery maker, displays its wares at the 2019 IAA Frankfurt Auto Show in Frankfurt am Main, Germany, on Sept. 11, 2019. Sean Gallup/Getty Images

The chairman of the House panel on the Chinese Communist Party urged two U.S. banks to withdraw from working on a first-time share sale of a Chinese electric vehicle battery titan, saying they could face “significant regulatory, financial, and reputational risks” by underwriting its listing.

Rep. John Moolenaar (R-Mich.), chairman of the House Select Committee on the Chinese Communist Party, urged Bank of America and JPMorgan Chase on April 17 to halt further work on Contemporary Amperex Technology Co. Ltd.’s (CATL) initial public offering.