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US funds pull out of Chinese companies over Uighur detention in Xinjiang

ANI 

As the ups its scrutiny regarding the use of its capital market to fund the mass detention of Uighurs in China's Xinjiang, large US investment funds have sold their equity stakes in Chinese surveillance company

The Chinese company, along with Dahua, has allegedly won contracts to the tune of USD 1.2 billion in surveillance project contracts in since 2016, according to

Quoting Copley Fund Research, reports that Fidelity Emerging Markets Fund, Goldman Sachs EM Equity Fund, Fullerton Global Emerging Markets Equities Fund, and three other US funds have all closed their positions in recent months.

However, despite the US government's heightened scrutiny, two public pension funds for teachers - the California State Teachers' Retirement System (Calstrs) and the New York State Teachers' Retirement System (NYSTRS) - still have shares in

Meanwhile, senior Republican is spearheading efforts to get members of the US Congress to sign a letter expressing concerns about "problematic" Chinese companies, whose connection to the situation in has been ascertained.

"The should require Chinese companies operating in America's capital markets to disclose their ties to the Chinese government's security apparatus and human rights abuses," Rubio told "American investors and pensioners have a right to know this information given it poses material, asymmetric risks to the reputations and valuations of Chinese companies," he added.

"A lot of investors talk about ethical investing but when it comes to and they are happy to fill their boots. It is pretty hypocritical," a who sold out of Hikvision told Financial Times.

Meanwhile, human rights groups estimate that about one million Uighurs are being held in facilities at China's Xinjiang.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 28 2019. 21:12 IST
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