Chinese Forced Labor Companies Funded by U.S. Capital Markets

[vc_row][vc_column][vc_column_text]Wall Street, and tens of millions of unwitting American investors, are currently funding Chinese entities with publicly reported links to or usage of forced labor in the People’s Republic of China (PRC). The following list of 50 Chinese entities included in the data below are publicly traded, including both mainland-listed and Hong Kong-listed stocks, as well as those traded in exchanges abroad. These companies are also included in several major indices and passive investment products — like Exchange Traded Funds (ETFs) and mutual funds.

As a result, these Chinese entities are exposing tens of millions of American retail investors to the financial risks and moral hazards inherent in holding the securities of these alleged corporate “bad actors.” Additionally, some of these companies have already been sanctioned by the U.S. While all of the companies included in CPA’s data list are implicated in the use of forced labor, according to our open source research, some of these companies have already been sanctioned by the U.S.

CPA’s exclusive data shows which of these Chinese corporate entities are included in major indices like MSCI, FTSE-Russell, and Dow S&P. While this represents a small selection of some of the largest index funds, as publicly traded companies these Chinese entities have broad exposure to a large universe of ETFs and index funds that are offered as investment vehicles by Wall Street. CPA’s data indicates that these malign Chinese companies are included in the investment products of BlackRock, Vanguard, and other large Wall Street firms. As a result, millions of average American investors are unwittingly investing in Chinese companies that are publicly linked to forced labor abuses via their pension funds, mutual funds and ETF holdings, and other retirement and investment products.


In compiling this list of 50 publicly traded companies, CPA initially examined companies with publicly reported links or usage of forced labor in China found using open-source research. The companies ultimately selected for the list have such links and are publicly traded, including mainland-listed stocks traded on U.S. exchanges (so-called “A shares”). All companies listed are reported to have ties to the oppression of ethnic minorities within Chinese Territories. We determined that a number of these Chinese corporate forced labor offenders are included in popular American indices and investment products benchmarked against these indices.


This document reflects the CPA’s own conclusions based on inferences drawn from an analysis of public and proprietary sources and is designed for general information to contribute to public discourse on issues of national concern. CPA disclaims, to the fullest extent permitted by applicable law, any and all liability for the accuracy and completeness of the information in this document and for any acts or omissions made based on such information. CPA is not engaged in rendering any form of professional or other advice or services through the publication of this report. No person or entity should rely on the contents of this publication without first obtaining their own professional advice.

Download a One-Pager of the Publicly Trade Chinese Companies Linked to the CCP’s Use of Forced Labor
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Publicly Traded Chinese Companies Linked to the CCP’s Use of Forced Labor

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