False claim that the Biden family owns 10% of Chinese company

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The Claim: The Biden family owns 10% of a major Chinese lithium battery company

A new conspiracy theory claims President Joe Biden and his family own part of one of China’s largest lithium battery companies, despite official documents disproving the claim.

“The Bidens own 10% of a Chinese lithium-ion battery company whose shares (sic) have climbed nearly 300% since Biden was ‘elected’,” said a Facebook post of September 6 bed. “For anyone interested in researching the company = Contemporary Amperex Technology Co., Limited (CATL).”

The post has been shared nearly 1000 times. Other versions put online have also accumulated thousands of actions collectively.

Before the 2020 election, theories claiming that Biden and his son, Hunter, had payments accepted from foreign countries went viral. Then President Donald Trump has often blamed them wrongdoing against China and Ukraine, calling for an investigation in 2019.

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But official documents show that Biden and his family have no stake in the mentioned company.

USA TODAY has contacted the poster for comment.

The Biden family is not a shareholder in a Chinese company

Contemporary technology company Amperex is a rapidly growing Chinese manufacturer of electric vehicle batteries, supplying batteries to automobile manufacturers such as BMW, Volkswagen and Mercedes-Benz.

The company’s shares have risen more than 150% since 2020 due to increased demand for electric vehicles, Forbes reported in May.

In August, Biden signed a decree with the goal of reducing emissions to half of all cars sold by 2030. Fully electric cars, which use a battery to store the electrical energy that powers the engine, are considered zero emission vehicles by the Department of Energy because they do not produce direct tailpipe or tailpipe emissions.

The image shared on social media offers no evidence to show that Biden or his family have a stake in CATL.

Biden and his wife, Jill, released financial disclosure forms when running for president in 2020, and again in 2021, and neither of them mentions CATL.

The assets and income shown on the form include an unspecified amount from Biden’s “Promises to Keep” and “Promise Me, Dad” books, an investment fund and Jill Biden’s retirement plans, among others.

Biden Disclosure Forms between 1995 and 2015 also do not mention CATL in the asset or income sections.

Alex Baumgart, who looks for personal financial data at the association Open secrets, told USA TODAY in an email that he found “no indication that the president is an investor in this Chinese battery company.” by Biden most recent tax documents don’t mention CATL either.

In addition to the disclosure forms, Biden and his family are not among any of CATL’s shareholders, according to MarketScreener, a stock market and financial website.

The three shareholders who own 10% or more of CATL are the chairman of the company, Yu Qun Zeng (42%), the vice chairman and deputy general manager, Shi Lin Huang (19%) and Chinese billionaire Zhen Hua Pei (12%).

The White House did not immediately respond to USA TODAY’s request for comment.

The only relationship between the Biden family and CATL appears to stem from a 2018 investment by Hunter Biden in a Chinese private equity firm.

In an investigative article on Hunter’s business activities, the Wall Street Journal reported Hunter Biden became a shareholder in 2017 of Bohai Harvest RST Equity Investment Fund Management Co. (BHR), a private equity firm which subsequently invested in CATL.

When CATL shares jumped 44% in its first session as a listed company on the Shenzhen Stock Exchange in 2018, Hunter was among the shareholders who benefited from BHR’s investment in the company, the newspaper reported. .

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The incorrect 10% figure in the Facebook post may come from a misunderstanding of this investment. The Journal reported that in December 2020, Delaware-based Skaneateles LLC, which is controlled by Hunter Biden, owned 10% of BHR – not CATL.

Our rating: False

We are evaluating the claim that the Biden family owns 10% of a major Chinese lithium battery company, based on our research. While the White House did not immediately respond to USA TODAY’s request for comment, official disclosure forms for Biden from 2020 and his years as vice president do not mention CATL. A Wall Street Journal investigative article found that Hunter Biden benefited from the rise in CATL shares in 2018 because a company in which he was a shareholder, BHR, had invested in it. But Hunter Biden and the companies related to him do not own 10% of CATL.

Our sources of fact-checking:

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