Pentagon blacklisting of China’s EV battery maker puts US banks in bind

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Financial Times 1d ago

Pentagon blacklisting of China’s EV battery maker puts US banks in bind - Financial Times

Quick Summary:

CATL and Tencent have said they are planning legal action to challenge being placed on the Pentagon list if talks with the US defence department fail.

The world’s biggest maker of electric-vehicle batteries and a supplier to Tesla has been meeting banks in recent weeks as it draws up plans for a secondary listing in Hong Kong.

The move echoes the banks’ dilemma in 2023 when Syngenta, a Swiss agricultural chemicals company, sought to hire them for a planned $9bn initial public offering on the Shanghai exchange.