U.S. lawmakers call on JPMorgan and Bank of America to stop participating in CATL's IPO

John Moolenaar, chairman of the U.S. House of Representatives Select Committee on U.S.-China Strategic Competition, sent a letter to the CEOs of JPMorgan Chase and Bank of America, asking them to stop underwriting the initial public offering (IPO) of Chinese battery company Contemporary Amperex Technology Co., Ltd. (CATL) in Hong Kong. CATL was listed as a "Chinese military enterprise" by the U.S. Department of Defense, and this move could lead to "significant regulatory, financial and reputational risks."