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JPMorgan and BofA should stop work on IPO for China's CATL, lawmaker says

JPMorgan Chase & Co and Bank of America should withdraw from working on the initial public offering of Chinese electric vehicle battery giant CATL , a Republican lawmaker said on Thursday.

U.S. Representative Mike Gallagher has urged major American banks JPMorgan Chase and Bank of America to halt their work on the initial public offering (IPO) for Contemporary Amperex Technology Co. Limited (CATL), a Chinese battery manufacturer, citing national security concerns. Gallagher, who chairs the House Select Committee on the Chinese Communist Party, expressed worries about CATL's ties to the Chinese government and military, and its potential to dominate the global electric vehicle battery market, which could pose risks to U.S. economic and national security. He emphasized that supporting CATL's IPO could enable the company to raise significant funds, thereby enhancing its competitive edge and potentially undermining U.S. interests.

Read the Full Reuters Article at:
https://www.msn.com/en-gb/money/other/jpmorgan-and-bofa-should-stop-work-on-ipo-for-china-s-catl-lawmaker-says/ar-AA1D8rir