# A new report alleges JPMorgan Chase and Bank of America underwrote CATL’s Hong Kong IPO.

*business · news · 2026-05-21 · Fox News*

## Key points

- JPMorgan Chase and Bank of America underwrote CATL’s IPO after its Pentagon military company designation.
- Banks accepted CATL’s claims of no military ties despite Pentagon conclusions and incomplete due diligence.
- Current law allowed U.S. banks to raise billions for CATL despite national security designations.
- The committee recommends bans on underwriting stock for blacklisted Chinese firms and stronger sanctions.

**Companies:** JPMorgan Chase, Bank of America, Morgan Stanley, CATL
**Countries:** United States, China

[Read the full story on Fox News](https://www.foxnews.com/politics/wall-street-banks-helped-chinese-military-linked-firm-raise-billions-despite-red-flags-congressional-probe-finds)

---

Canonical: https://newsio.io/n/ed86a0b9-488c-497c-9955-be1a57fe910f/a-new-report-alleges-jpmorgan-chase-and-bank-of-america-underwrote-catls-hong-ko
Summarized by Newsio from Fox News. https://newsio.io/how-it-works