Market Chatter: US Puts CATL, Gotion on Import Ban List Over Forced Labor Accusations

MT Newswires Live06-10

Contemporary Amperex Technology (SHE:300750) or CATL and Gotion High-Tech (SHE:002074) were placed in a US import ban list due to the alleged use of forced labor, Reuters reported, citing a report from the Wall Street Journal.

The Uyghur Forced Labor Prevention Act bans companies that are linked to the abuse of minorities in China's Xinjiang region by forcing them to manufacture their supplies, the June 7 report noted.

Gotion told Reuters in a statement that the allegations are "baseless and absolutely false" as it chooses its partners based on "strict review mechanisms and evaluation criteria".

CATL also debunked the allegations against them in a press release on its webpage, saying it has established "strict internal controls of procurement" that comply with regulations.

CATL's shares dropped less than 6% and Gotion High-Tech's shares slipped more than 2% in recent trade.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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