Finance

Robinhood CEO and co-founder Vlad Tenev and co-founder Baiju Bhatt pose with Robinhood signage on Wall Street after the company’s initial public offering in New York City, July 29, 2021.
Andrew Kelly | Reuters

Check out the companies making headlines in extended trading.
Robinhood — Shares of the trading platform slipped 4.7% after it reported quarterly results. The firm reported adjusted earnings of 3 cents per share in the second quarter, while analysts polled by Refinitiv forecast a loss of 1 cent. The company said monthly active users came in at 10.8 million, while analysts called for 11.2 million, according to StreetAccount.

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Etsy — The e-commerce company fell almost 6% in extended trading after Etsy gave guidance on third-quarter revenue and the lower end of the range was below what analysts anticipated. The company is calling for revenue ranging between $610 million and $645 million, while analysts called for $632 million, per Refinitiv.
DoorDash — The food delivery giant added 4.6% Wednesday after posting quarterly results. DoorDash’s revenue for the second quarter was $2.13 billion, while analysts called for $2.06 billion, per Refinitiv. However, the company posted a wider-than-expected loss of 44 cents a share, while analysts called for a loss of 41 cents per share.
Qualcomm — Shares declined 7% after the company reported lower-than-expected revenue for its third fiscal quarter. Qualcomm posted $8.44 billion in adjusted revenue, while analysts polled by Refinitiv forecast $8.5 billion. Guidance for the fourth quarter was also light.
Zillow — Stock in the online real estate company pulled back 2% after the company issued disappointing guidance for the third quarter. Zillow forecasts revenue of $458 million to $486 million, while analysts polled by FactSet are calling for revenue of $488.1 million.
Qorvo — Shares climbed 3.7% after an earnings beat. Qorvo posted fiscal first-quarter earnings of 34 cents per share, excluding items, on revenue of $651 million. Analysts polled by FactSet called for 15 cents per share in earnings and revenue of $640.3 million.

Clorox — Clorox stock ticked up 7% after flying past earnings expectations. The company reported adjusted earnings of $1.67 per share on $2.02 billion in revenue, while analysts polled by Refinitiv expected earnings of $1.18 per share and revenue of $1.88 billion.
Tripadvisor — Tripadvisor shares gained 4%. The company reported revenue of $494 million in the second quarter, while analysts polled by Refinitiv anticipated $473 million.
MGM Resorts — Shares of the casino operator dropped 5%, even as the company posted beats on the top and bottom lines in the second quarter. MGM reported adjusted earnings of 59 cents a share on $3.94 billion in revenue. Analysts polled by Refinitiv called for 54 cents a share in earnings and revenue of $3.82 billion.
PayPal — PayPal shares tumbled nearly 6% after the company posted earnings that were in line with analysts’ predictions. The payments company reported adjusted earnings of $1.16 per share, the same expected by analysts polled by Refinitiv. Revenue came in higher than anticipated, with PayPal posting $7.29 billion, versus analysts’ estimates of $7.27 billion.
Unity Software — Shares of the software company popped about 5% after Unity trounced analysts’ estimates for revenue in the second quarter. The company posted $533 million in revenue, while analysts polled by Refinitiv sought $518 million.
— CNBC’s Darla Mercado contributed reporting. More

A Solarpro employee installs a SolarEdge Technologies inverter at a residential property in Sydney, May 17, 2021.
Brendon Thorne | Bloomberg | Getty Images

Check out the companies making the biggest moves midday.
SolarEdge Technologies — The solar stock tumbled 18.36% after the company reported $991 million in revenue, missing analysts’ estimates of $992 million, according to Refinitiv. SolarEdge also issued disappointing third-quarter revenue guidance.

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CVS Health — The retail pharmacy stock gained 3.3% Wednesday after the company posted strong earnings and revenue for the second quarter. CVS reported earnings of $2.21 per share on revenue of $88.9 billion, while Wall Street analysts expected $2.11 per share on earnings of $86.5 billion, according to Refinitiv.
Norwegian Cruise Line — The cruise stock sank 3.97%, a day after reporting weaker-than-expected guidance for the third quarter. Its second-quarter earnings, however, topped analysts’ estimates. Shares were also downgraded by Susquehanna to neutral from positive. The Wall Street firm said Norwegian’s return to pre-pandemic EBITDA margin will take some time.
Emerson Electric — Shares rallied 3.83% following Emerson Electric’s earnings and revenue beat for its fiscal third quarter. The company reported adjusted earnings per share of $1.29, topping the $1.10 expected from analysts polled by StreetAccount. Revenue was $3.95 billion, compared with the $3.88 billion expected by Wall Street.
Pinterest — The social media platform slid 3.83% despite beating expectations on revenue for the second quarter. Pinterest posted $708 million against FactSet’s $696.4 million consensus estimate. Pinterest’s third-quarter revenue growth forecast, however, missed expectations.
Starbucks — Shares edged 0.86% higher following the coffee giant’s earnings report. Starbucks’ adjusted earnings per share for the fiscal third quarter was $1, versus the 95 cents expected by analysts, per Refinitiv. However, revenue fell short at $9.17 billion compared with the $9.39 billion expected.

Advanced Micro Devices — The chipmaker’s shares declined 7.02% in reaction to its second-quarter earnings release Tuesday after the bell. While the company posted better-than-expected earnings in the prior quarter, its forecast for the third quarter was weaker than analysts’ estimates amid a weak PC market. Several Wall Street firms, including Bank of America and JPMorgan, said the company may be nearing the peak of its rally.
Humana — Shares popped 5.6% after the health insurer reported second-quarter adjusted earnings per share of $8.94, topping the $8.76 per share anticipated by analysts, per StreetAccount. Humana forecast its Medicare Advantage business will grow by about 825,000 members in 2023.
Generac — Shares dropped 24.4% after the company posted a second-quarter earnings miss. Adjusted earnings per share came in at $1.08, versus StreetAccount’s estimate of $1.16. The company also lowered its forecast for residential product sales in the second half, citing a softer-than-expected consumer environment.
Scotts Miracle-Gro — The stock sank 19.01% after the maker of consumer lawn, garden and pest control products reported an earnings and revenue miss for its third quarter. Scotts also forecast a bigger-than-expected revenue decline for the fiscal 2023 year.
Freshworks — Shares popped 18.48% after the software as a service company beat expectations for both earnings and revenue. Canaccord Genuity upgraded the stock to buy from hold and hiked its price target to $25 from $15, suggesting 37% upside from Tuesday’s close.
Robinhood — The retail brokerage’s stock shed 3.34% ahead of the company’s quarterly results, due after the bell. Analysts are expecting a quarterly loss of 1 cent, according to StreetAccount.
Paycom Software — Shares tumbled 19.19% despite the payroll provider’s earnings and revenue beat after the bell Tuesday. However, the company’s revenue guidance for the third quarter was $410 million to $412 million, compared with the $412 million expected from analysts polled by StreetAccount.
Chinese tech stocks — Shares of Chinese technology stocks dropped after regulators in China proposed limits on smartphone use for minors. U.S.-listed shares of JD.com slid 4.47%, Baidu fell 4.24%, Alibaba dropped 5.02%and Tencent Music shed 4.78%.
— CNBC’s Hakyung Kim, Pia Singh and Alex Harring contributed reporting. More

The Fitch Ratings downgrade of the United States’ long-term credit rating ultimately doesn’t matter, JPMorgan Chase CEO Jamie Dimon told CNBC on Wednesday.
“It doesn’t really matter that much,” because it’s the market, not rating agencies, that determines borrowing costs, Dimon told CNBC’s Leslie Picker.
Still, it is “ridiculous” that other countries are rated higher than the U.S. when they depend on the stability created by the U.S. and its military, Dimon added.

The Fitch Ratings downgrade of the United States’ long-term credit rating ultimately doesn’t matter, JPMorgan Chase CEO Jamie Dimon told CNBC on Wednesday.
“It doesn’t really matter that much” because it’s the market, not rating agencies, that determines borrowing costs, Dimon told CNBC’s Leslie Picker.

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Still, it’s “ridiculous” that other countries have higher credit ratings than the U.S. when they depend on the stability created by the U.S. and its military, Dimon added.
“To have them be triple-A and not America is kind of ridiculous,” Dimon said. “It’s still the most prosperous nation on the planet, it’s the most secure nation on the planet.”
Fitch downgraded the country’s rating to AA+ from AAA on Tuesday, pointing to “expected fiscal deterioration over the next three years,” an erosion of governance and a growing general debt burden.
The agency put the U.S. rating on watch in May after members of Congress butted heads over raising the debt ceiling and brought the country to near-default.
“We should get rid of the debt ceiling,” Dimon said. “It’s used by both parties” in ways that sow uncertainty for markets, he said.

Fed, A.I. and Ukraine

In the wide-ranging interview, Dimon touched on topics including artificial intelligence, the U.S. economy, bank regulation and geopolitics.
He called artificial intelligence technology such as ChatGPT “a game changer” that will likely help future generations live longer, better lives.
“It needs to be done right,” Dimon added. “I do worry about it because bad guys are going to use it too.”
The U.S. economy, he said, is being supported by consumer and business strength, low unemployment and healthy balance sheets.
“It’s pretty good, even if we go into recession,” Dimon said. “The storm cloud part is still there,” he added, referring to a warning he gave last year on the economy.
What worries Dimon most are the geopolitical risks created by the Ukraine war and the Federal Reserve’s effort to rein in its balance sheet known as quantitative tightening, he said.

Consumer impact

Dimon lambasted regulators’ efforts to tighten standards on U.S. banks, saying the proposals unveiled last week were “hugely disappointing.” At one point, he held up a chart showing the web of regulators that banks deal with.
Banks will be forced to hold more capital as a cushion against a variety of risks, which will affect consumers, because the industry will cede more products to nonbank players, Dimon warned. That’s what happened in the U.S. mortgage market, which is dominated by firms including Rocket Mortgage.
Part of the changes involve banks ditching internal risk models for more standardized versions from the Federal Reserve.
“If I was the Fed, I’d be careful about saying their models are perfect,” Dimon said. “Remember, their models didn’t show inflation and didn’t show 5% interest rates.” More

Schmid has held positions at the Federal Deposit Insurance Corporation and Mutual of Omaha Bank, which he helped establish.
Schmid will serve the remainder of George’s five-year term helming the Kansas City Fed.

Jeffrey Schmid, the new president and CEO of the Kansas City Fed.
Courtesy: Federal Reserve Bank of Kansas City

The Kansas City Federal Reserve is about to get a new leader as the inflation-fighting central bank plots its course ahead.
Jeffrey R. Schmid, with more than 40 years of experience as a regulator and banker, will take over Aug. 21 for Esther George, who retired earlier this year.

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Most recently, Schmid has served as president and CEO of Southern Methodist University’s Cox School of Business, where he worked after holding positions at the Federal Deposit Insurance Corporation and Mutual of Omaha Bank, which he helped establish.
“Jeff’s perspective as a native Nebraskan, his broad experience in banking and his deep roots in our region will be an incredible asset to the Federal Reserve, both as a leader of the organization and in his role as a monetary policymaker,” said Maria Griego-Raby, president and principal of Contract Associates in Albuquerque, New Mexico. As deputy chair of the bank’s board of directors, she led the search for George’s successor.
The appointment comes after the Fed approved a series of 11 interest rate increases aimed at bringing down inflation that had been running at a 40-year high. George was long thought to be one of the rate-setting Federal Open Market Committee’s more hawkish members in favoring tighter monetary policy.
Schmid will serve the remainder of George’s five-year term helming the Kansas City Fed, which will take him to Feb. 28, 2026.
Interestingly, he arrives at the Fed just before the Kansas City district hosts its annual Jackson Hole summit, which this year will run from Aug. 24-26. The retreat features a keynote address from the Fed chair and often is pivotal in laying out policy strategy. More

Rampant bot activity on Twitter helped pump the price of FTX-listed and Alameda Research-traded cryptocurrency, a new study found.
Researchers at the Network Contagion Research Institute also found that bot activity and price action significantly increased after X Corp. CTO Elon Musk shared Tweets about two altcoins.
Bankman-Fried and his executives were acutely aware of the influence that Twitter had on the crypto markets.

Sam Bankman-Fried, co-founder and chief executive officer of FTX, in Hong Kong, China, on Tuesday, May 11, 2021.
Lam Yik | Bloomberg | Getty Images

Rampant bots on Twitter helped to pump up the price of cryptocurrency, including coins traded by insiders at FTX hedge fund Alameda Research before its collapse, according to a new study from the Network Contagion Research Institute published Wednesday.
NCRI researchers conducted a scaled analysis on Twitter (now known as X) examining over 3 million tweets from Jan. 1, 2019, to Jan. 27, 2023, pertaining to 18 different cryptocurrencies in partnership with New Jersey GovSTEM Scholars. They also shared their findings with X Corp. days ahead of publication.

Mentions of certain altcoins by Tesla and SpaceX CEO Elon Musk, who led an acquisition of Twitter that closed last October, appear to have caused prices to spike by as much as 50% within one day, the researchers found.
The NCRI study pointed to Musk’s June 24, 2023, retweet of a post featuring a kitten and the caption, “I wake up there is another PSYOP,” a coin created by a pseudonymous Twitter influencer known as Ben.eth. Trading of this altcoin nearly doubled in volume over the next day, according to CoinMarketCap data.
Separately, a Musk tweet on May 13, 2023, featuring Pepe the Frog memes led to a more than 50% increase in the price of altcoin PEPE within 24 hours. Musk’s tweet fueled both authentic discussion and bot and promotional tweets about the altcoin, which is based on a popular far-right meme.
The NCRI findings raise significant questions about social media driven market manipulation in the broader crypto markets. The study also highlights the considerable challenge Musk faces in reigning in bot activity that was pervasive on the social media platform for years and still persists there.
Musk has claimed, without providing data, that bot activity has fallen since he acquired Twitter.

According to Alex Goldenberg, Lead Intelligence Analyst for NCRI, “Since Musk’s team took over Twitter last year, API changes were made to deter bot creation, possibly reducing crypto promotion and scams. However, these changes come with trade-offs as they also hinder independent audits by third-party researchers.”
Goldenberg recommends that if bot activity remains high, X Corp. could “consider stricter account verification, machine learning for bot detection, and special permissions for certified researchers to ensure transparency while combating malicious bot activity and other forms of online harm.”
X Corp. has been increasing the price to access data for researchers, while also filing lawsuits and threats against researchers looking into hate speech and other online harms on its platform. In recent weeks, X Corp. sued Bright Data and the Center for Countering Digital Hate, for example, raising the ire of House Democrats. NCRI partners with Bright Data for pro-bono access to social media data, Goldenberg noted.
X Corp. did not immediately respond to a request for comment.

FTX benefitted greatly from Twitter bot activity

The NCRI study also highlights how inauthentic activity on Twitter helped drive up the price of tokens listed on FTX in the months before the crypto exchange collapsed. “Bot-like accounts were used to manipulate market sentiment and drive up the price of FTX-listed tokens,” Goldenberg told CNBC in an interview.
Six small-cap tokens listed by FTX were significantly influenced by inauthentic social media activity on Twitter, NCRI found. The researchers said that “inauthentic chatter” was “successfully and deliberately deployed to influence changes in FTX coin prices,” for six tokens: BOBA, GALA, IMX, RNDR, and SPELL.
Alameda held at least five of these tokens before they were listed on FTX, and as bot-like activity on Twitter amplified the visibility of the tokens. For one crypto asset, RNDR, inauthentic posts and activity on Twitter concurred with or preceded double-digit percentage jumps in its price.
On four separate dates from 2022 to 2023, spikes in bot activity on Twitter preceded increases in RNDR’s price ranging from 11% to 30% within a single day, the NCRI analysis found.
FTX founder Sam Bankman-Fried and his team were well aware of Twitter’s influence on the crypto markets, and how sophisticated investors could extract value from social-media driven price action.
“People on crypto Twitter, or other sort of similar parties, go and put $200 million in the box collectively,” Bankman-Fried said in an 2022 interview on Bloomberg’s Odd Lots podcast. “In the world we’re in, if you do this, everyone’s gonna be like, ‘Ooh, box token. Maybe it’s cool. If you buy in box token,’ you know, that’s gonna appear on Twitter and it’ll have a $20 million market cap.”
FTX was one of the largest crypto exchanges in the world before it filed for bankruptcy in 2022.
Bankman-Fried, 31, now faces a federal indictment for allegedly committing securities and wire fraud. He’s also the subject of Securities and Exchange Commission charges, which alleges that he built his empire on a “foundation of deception.”
Representatives for Bankman-Fried declined to comment. The SEC and FTX did not immediately respond to a request for comment.
Read the full NCRI study here. More

The Match.com website is shown on an Apple iPhone.
Andrew Harrer | Bloomberg | Getty Images

Check out the companies making headlines before the bell on Wednesday.
CVS Health — Shares of the retail pharmacy giant rose 1.8% premarket after the company posted strong earnings and revenue for the second quarter. CVS reported earnings of $2.21 per share on revenue of $88.9 billion. Wall Street analysts expected $2.11 per share on earnings of $86.5 billion, according to Refinitiv.

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Kraft Heinz — The food and beverage stock dipped 1% before the bell after reporting mixed quarterly results that fell short of Wall Street’s revenue expectations. Kraft Heinz posted adjusted earnings of 79 cents a share, excluding items, on revenues of $6.72 billion.
Norwegian Cruise Line — The stock fell 3.2% in premarket trading after the company posted its earnings results on Tuesday, which indicated weaker-than-expected guidance for the third quarter. The cruise ship operator topped Wall Street’s estimates, however. On Wednesday, Susquehanna downgraded its rating on Norwegian shares to neutral from positive. It maintained its price target of $17, which suggests a 12.4% downside from Tuesday’s close. 
SolarEdge Technologies — The solar stock fell 13.4% after the company missed revenue expectations in its second quarter, reporting $991 million compared to the expected $992 million from analysts polled by Refinitiv. The company beat earnings estimates, however, coming out higher than the $2.52 per-share estimate at an adjusted $2.62 per share.
Robinhood — Shares of the retail brokerage moved 2% lower ahead of quarterly results due after the closing bell. Analysts polled by FactSet are forecasting a small quarterly loss of 1 cent.
Freshworks — Shares of the software-as-a-service company popped more than 16% after Freshworks posted second-quarter revenue of $145.1 million, beating analysts’ expectations of $141.4 million as gauged by FactSet. The company also reported earnings per share of 7 cents, surpassing Wall Street’s estimate of 2 cents. Canaccord Genuity analyst David Hynes upgraded the stock to buy from hold and increased his price target to $25 from $15, citing Freshworks’ second-quarter operating margins and improved marketing and sales efficiency.

AMD — The chip stock climbed more than 2% in premarket trading after the company posted better-than-expected second-quarter earnings and revenue. The company’s sales forecast for the third quarter was weaker than expected, however.
Match Group — The Tinder and Match parent jumped 10% on a strong second-quarter earnings report. Match beat Wall Street expectations for both the top and bottom lines and said current-quarter revenue should come in above the consensus estimate of analysts, according to Refinitiv. BTIG upgraded the stock to buy from neutral following the report.
Humana — The health insurer added 5.6% after reporting second-quarter adjusted earnings per share of $8.94, topping the $8.76 anticipated by analysts, per StreetAccount. The company also forecasted its Medicare Advantage business will grow by about 825,000 members this year.
Starbucks — Shares of the coffee chain dipped more than 1% after Starbucks reported lighter-than-expected sales for its fiscal third quarter. The company reported $1 in adjusted earnings per share on $9.17 billion of revenue. Analysts surveyed by Refinitiv were looking for 95 cents on earnings per share but $9.29 billion of revenue. The miss came even as same store sales boomed in China.
— CNBC’s Tanaya Macheel, Alex Harring, Yun Li, Jesse Pound, Samantha Subin, Brian Evans, and Michelle Fox Theobald contributed reporting. More

While refusing to discuss details of other banks and their clients, HSBC boss Quinn told CNBC on Tuesday that “our policy is not to debank or exit a client based on their lawful personal views.”
The potential closure of Farage’s account with elite private bank Coutts triggered a heated debate in the U.K. and rocked the domestic banking industry.
Farage was originally offered an account at high street bank NatWest as an alternative.

HSBC’s U.K. headquarters are seen at the Canary Wharf financial district of London on July 31, 2018.
Tolga Akmen | AFP | Getty Images

LONDON — HSBC CEO Noel Quinn said Tuesday that the lender would not “exit a client based on their lawful personal views,” after Coutts’ termination of Brexit figurehead Nigel Farage’s account sparked a banking scandal in the U.K.
Internal documents obtained by Trump ally Farage revealed that Coutts — a high-end private bank and wealth manager requiring clients to hold a minimum of £1 million ($1.29 million) in investments or borrowing, or £3 million in savings — had opted to cut ties with him once his mortgage was paid off in July, as his account was “below commercial criteria.”

But the dossier also extensively cited Farage’s history of controversial views as part of the reason why he was deemed too commercially risky to remain a client, with the bank’s client analysis noting that he is “considered by many to be a disingenuous grifter,” and that “at worst, he is seen as xenophobic and racist.”
At the time that he was given notice of the bank’s “exit plan” for his account, Farage was offered an alternative account with high street bank and Coutts’ parent company NatWest Group — but he declined.
Although refusing to discuss details of other banks and their clients, HSBC boss Quinn told CNBC on Tuesday that “our policy is not to de-bank or exit a client based on their lawful personal views.”

“Our primary responsibility is to try to help customers get access to banking and to open up an opportunity for them, whether that’s the homeless in the U.K. where we’ve taken on a significant number of new bank accounts for the homeless in the U.K. and for those that have suffered from human rights abuses,” Quinn said.
“We also have a responsibility as an institution to look at any areas of financial crime compliance or we have an obligation to collect information on KYC (Know Your Customer), so we have those competing obligations but to reiterate, as a policy we do not exit clients based on their lawful personal views.”

The closure of Farage’s account triggered a heated debate in the U.K. and rocked the domestic banking industry.
NatWest CEO Alison Rose was forced to resign, after she admitted discussing details of Farage’s Coutts account with a BBC reporter in the wake of his allegations. Coutts CEO Peter Flavel also subsequently stepped down amid the fallout and public pressure, with Prime Minister Rishi Sunak and other government ministers falling in line behind the former Brexit Party and UKIP leader.

Jonathan Bachman | Getty Images

Farage revealed on Tuesday that new Coutts interim CEO Mo Syed had written to inform him that he can retain both his personal and business accounts, but he is still seeking compensation from the bank and has launched a campaign to tackle account closures across the industry.
Farage was originally offered an account at high street bank NatWest as an alternative, minimizing the risk of his losing access to banking services. But there are 1.1 million households across Britain without a bank account at all, according to the Resolution Foundation.
Research from the British think tank showed that, of those 1.1 million, 327,000 people fell into the poorest decile in terms of net equivalized household income, while the second and third deciles accounted for 181,000 and 157,000 households, respectively.
“Britain’s ‘unbanked’ are hugely disproportionately likely to be poor (close to half are in the poorest fifth of the income distribution). They’re also disproportionately likely to be young and living in a major city (where you’re four times more likely not to have a bank account than village dwellers),” Resolution Foundation CEO Torsten Bell wrote in a report published last week.
“This data doesn’t tell us exactly why these households don’t have bank accounts — but given the huge concentration among poorer households I think we all know it’s got more to do with poverty than political views.” More

U.S. investments in around 50 blacklisted Chinese companies have drawn the attention of the U.S. House of Representatives Select Committee on the Chinese Communist Party.
The committee on Tuesday announced it sent separate letters to MSCI and BlackRock asking for more information about the firms’ facilitation of U.S. investments into those Chinese companies.

A bank employee count China’s renminbi (RMB) or yuan notes next to U.S. dollar notes at a Kasikornbank in Bangkok, Thailand, January 26, 2023.
Athit Perawongmetha | Reuters

BEIJING — U.S. investments in around 50 blacklisted Chinese companies have drawn the attention of the U.S. House of Representatives Select Committee on the Chinese Communist Party.
The committee on Tuesday announced it sent separate letters to MSCI and BlackRock asking for more information about the firms’ facilitation of U.S. investments into those Chinese companies.

The Chinese companies were blacklisted over claims of supporting China’s military or alleged human rights abuses, the committee said. It noted the initial review did not include one of the largest blacklists, the U.S. Department of Commerce’s Entity List.
“The true scale is likely much larger,” the letters said.
MSCI said in a statement it is reviewing the request for information, and that it doesn’t “facilitate” investments in any country. “MSCI indexes measure the performance of equity markets available to international investors, and comply with all applicable US laws,” the indexing giant said.
BlackRock did not immediately respond to a CNBC request for comment.
Here’s the full list of names, which are primarily state-owned companies:

Combined list of Chinese companies flagged by U.S. House committee

AECC Aero-Engine Control Company Limited

AECC Aviation Power Co., Ltd.

Aerospace Ch Auv Company Limited

AVIC Aviation High-Technology Company Limited

AVIC Electromechanical Systems Company Limited

AVIC Heavy Machinery Company Limited

AVIC Helicopter Company Limited

AVIC Industry-Finance Holdings Company Limited (a.k.a. AVIC Capital Company Limited)

AVIC Jonhon-Optronic Technology Co., Ltd.

AVIC Shenyang Aircraft Company Limited

AVIC Xi’an Aircraft Industry Group Company Limited

Avicopter PLC

BGI Genomics Co., Ltd.

CETC Cyberspace Security Technology Co., Ltd.

CGN New Energy Holdings Co., Ltd.

CGN Power Co., Ltd.

Changsha Jingjia Microelectronics Co., Ltd.

China CSSC Holdings Ltd.

China Mobile Communications Group Company Limited

China National Chemical Corporation Ltd. (ChemChina)

China National Chemical Engineering Group Corporation Limited

China National Nuclear Corporation (CNNC)

China National Nuclear Corporation Hua Yuan Titanium Dioxide Company Limited

China National Nuclear Power Company Limited

China National Offshore Oil Corporation (CNOOC)

China Railway Construction Corporation Limited (CRCC)

China Spacesat Company Limited

China State Construction Engineering Corporation Limited

China State Construction Group Company Limited

China State Construction International Investment Group Company Limited

China Telecommunications Corporation Group

China United Network Communications Group Company Limited

CNOOC Energy & Technology Services Limited

Costar Group Company Limited ? CRRC Corporation Ltd.

CRRC Corporation Ltd.

CSSC Offshore & Marine Engineering (Group) Company Limited

Dawning Information Industry Company Limited

Fujian Torch Electron Technology Company Limited

Hoshine Silicon Industry Company Limited

Inspur Electronic Information Industry Company Limited

Jiangxi Hongdu Aviation Industry (Group) Corporation Limited

North Industries Group Red Arrow Company Limited

Offshore Oil Engineering Company Limited

Qihoo 360

Semiconductor Manufacturing International Corporation (SMIC)

Xinjiang Daqo New Energy Co., Ltd.

Zhejiang Dahua Technology Company Limited

Zhuzhou CRRC Times Electric Company Limited

ZTE Corporation

Source: https://selectcommitteeontheccp.house.gov/media/press-releases/unconscionable-profit-fueling-chinas-military-select-committee-launches

The U.S. House committee estimated that five BlackRock funds have invested more than $429 million into the blacklisted names. Those companies also accounted for nearly 5% of the MSCI China A Index’s value as of March 1, the committee said.

U.S.-China tensions

The request for information comes as the U.S. has increased its scrutiny of financial ties with China.
Last week, the U.S. Senate overwhelmingly backed legislation that would require U.S. firms to notify the Treasury when investing in advanced Chinese technology on national security concerns. An earlier version of the legislation had called for investment restrictions.
President Joe Biden has long been expected to issue an executive order that would restrict U.S. investment in high-end Chinese tech. No action has yet been announced.

Last month, the House committee said it sent letters to four U.S. venture capital firms over their investments into Chinese artificial intelligence, semiconductor and quantum computing companies.
The committee cited allegations that China was using such technologies for military development or perpetuation of human rights abuses.
Beijing has denied such abuses, and published claims of “human rights violations in the United States.” More