CATL Shares Drop as House Panel Demands US Banks Quit Share Sale

Contemporary Amperex Technology Co.’s shares fell Friday after a US congressional committee called on two American banks to withdraw from working on the Chinese battery maker’s planned initial public offering in Hong Kong.

Bank of America Corp. and JPMorgan Chase & Co. are exposing themselves and their American investors to “significant regulatory, financial and reputational risks” by underwriting CATL’s listing, House Select Committee on the Chinese Communist Party Chairman John Moolenaar, a Republican from Michigan, said in letters addressed to JPMorgan Chief Executive Officer Jamie Dimon and Bank of America CEO Brian Moynihan.