JPMorgan Chase (JPM) and Bank of America (BAC) have been subpoenaed by US lawmakers who are demanding documents related to their involvement in the Hong Kong initial public offering of Chinese battery maker Contemporary Amperex Technology, The Wall Street Journal reported Wednesday.

The move comes from the House Select Committee on the Chinese Communist Party, which investigates the policy and regulatory implications of US banks underwriting Chinese military companies, the report said.

In its subpoenas, the committee said the banks failed to submit previously requested information related to the IPO, according to the report.

The committee had previously urged both banks to withdraw from the deal after Contemporary Amperex was added to a US Department of Defense list of companies with suspected ties to the Chinese military.

Despite the warning, the banks helped underwrite the company's $5.2 billion IPO in May, which is the largest public listing of 2025 so far, WSJ reported.

JPMorgan and Bank of America did not immediately respond to MT Newswires' request for comment.

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