Hinson Leads Effort to Delist Chinese Military Companies from U.S. Stock Exchanges

WASHINGTON, DC – Congresswoman Ashley Hinson (R-IA-02) wrote to Nasdaq's Chair and CEO, Adena Friedman, expressing concern over the listing of Chinese Military companies that have been blacklisted by the U.S. government because of their connection to the People’s Republic of China (PRC) and the People’s Liberation Army (PLA).

Hinson points to the Hesai Group, a Chinese Military company that has been listed on the NASDAQ since early 2023. Hesai Group controls 47% of the global market share for LiDAR technology, and it is known that PRC LiDAR companies have ties to the Chinese military. Hesai is reportedly tied to the military’s China Electronics Technology Group Corporation, a state-owned entity that is a key player in advancing the PRC’s military civil fusion program. 

Read the letter here.

Watch CNBC coverage of the letter here. 

“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. Hesai Group is a prime example – the $190 million it raised through its U.S. public stock went straight toward building a mega factory in China to develop technology designed to help the People’s Liberation Army target U.S. systems and access our military equipment. I am looking forward to working with Nasdaq to delist Hesai and protect U.S. investors from unwittingly funding Chinese military companies that pose a risk to our privacy and national security.” - Congresswoman Ashley Hinson 

The letter was signed by Select Committee on Communist China Chairman Mike Gallagher, House Republican Conference Chair Elise Stefanik, and Representatives John Moolenaar, Rob Wittman, Carlos Gimenez, Neal Dunn, Blake Moore, Dusty Johnson, and Dan Newhouse. 

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