Cedar Rapids Today

Congresswoman Ashley Hinson of Iowa has taken a stand against the listing of Chinese Military companies on U.S. stock exchanges. In a letter addressed to Nasdaq's Chair and CEO, Adena Friedman, Hinson expressed her concerns regarding the connection of these companies to the People’s Republic of China (PRC) and the People’s Liberation Army (PLA).

Hinson specifically pointed out the case of Hesai Group, a Chinese Military company that has been listed on the NASDAQ since early 2023. She highlighted that Hesai Group controls 47% of the global market share for LiDAR technology, which is known to have ties to the Chinese military. The company is reportedly linked to the military’s China Electronics Technology Group Corporation, a key player in advancing the PRC’s military civil fusion program.

In her letter, Hinson emphasized the importance of not allowing entities blacklisted by the Department of Defense for contributing to China’s civil-military fusion strategy to be listed on U.S. stock exchanges. She stated, "If an entity is blacklisted by the Department of Defense because it contributes to China’s civil-military fusion strategy, it shouldn’t be listed on U.S. stock exchanges."

Hinson, along with other key figures such as Select Committee on Communist China Chairman Mike Gallagher and House Republican Conference Chair Elise Stefanik, aims to work towards delisting companies like Hesai Group to protect U.S. investors from inadvertently funding Chinese military entities that could pose risks to privacy and national security.

The letter, also signed by Representatives John Moolenaar, Rob Wittman, Carlos Gimenez, Neal Dunn, Blake Moore, Dusty Johnson, and Dan Newhouse, underscores a bipartisan effort to address the issue of Chinese military companies being listed on U.S. stock exchanges.