The heads of two powerful U.S. congressional panels have called on the Securities and Exchange Commission (SEC) to delist 25 Chinese companies, including Alibaba, Baidu, JD.com, and Weibo, citing ties to China’s military and human rights abuses, the Financial Times reported Friday.

In a letter to SEC Chair Paul Atkins, John Moolenaar (House China Committee chair) and Rick Scott (Senate Aging Committee chair) warned that these firms pose an “unacceptable risk” to U.S. investors and help advance the Chinese Communist Party’s military modernisation.

Key points from the letter:

  • Chinese companies benefit from U.S. capital while serving Beijing’s military-civil fusion agenda.
  • Many companies have “actively integrated” into China’s military and surveillance systems.
  • The SEC has the authority under the Holding Foreign Companies Accountable Act to suspend trading and revoke registrations of firms that endanger U.S. investors.

Who’s in the crosshairs?

  • Tech giants like Pony AI (autonomous driving), Hesai (laser sensors), and Tencent Music—some already on Pentagon blacklists.
  • Daqo New Energy, accused of forced labor in Xinjiang.
  • As of March, 286 Chinese firms were listed on U.S. exchanges.

This push is part of a wider U.S. effort to counter China’s access to American capital, technology, and expertise. Investors fear that the U.S.-China trade war could escalate into a capital war, reshaping global markets.

The Chinese embassy in Washington criticised the move, accusing the U.S. of “politicizing trade and technology issues.” The SEC said Atkins will respond directly to Congress.

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