On January 5 President Trump signed an Executive Order that directly impacts the Chinese investments and business associates of Joe Biden’s son, Hunter, as well as all other investors involved with Chinese stocks that may be subject to prohibition based on their relationship with the Communist Chinese Government. This could potentially affect the investments of members of congress, Biden administration cabinet members as well as big tech companies that rely on Chinese made apps and software.
The order currently prohibits any transactions, such as investing, in a number of Chinese software companies, including Alipay, CamScanner, QQ Wallet, SHAREit, Tencent QQ, VMate, WeChat Pay, and WPS Office. But it also allows for more companies to be included based on further investigation by the Secretaries of Commerce, Defense and Treasury. Companies whose existence profit the Chinese military or who are involved in intelligence gathering are expected to be added to the list of prohibited stock.
“The United States has assessed that a number of Chinese connected software applications automatically capture vast swaths of information from millions of users in the United States, including sensitive personally identifiable information and private information, which would allow the PRC and CCP access to Americans’ personal and proprietary information.”
The order prohibits any transaction that evades the orders prohibitions or any “conspiracy” formed to violate the order.
On January 13 the President added an amendment to the original order, allowing investors to sell off their stocks or otherwise divest from the offending companies before November 12, 2021. And it gives the Secretaries of Defense and Treasury the power to add, delete and make public the list of Communist Chinese companies meeting the criteria set forth.
This coincides with the widely reported disappearance of China’s billionaire business executive, Jack Ma, who is associated with Alibaba and Chinese payment processing.
It also impacts to Joe Biden’s son Hunter. As of late December he still owned a 10 percent stake in an investment firm he formed with institutions owned by the Chinese Communist Party.
The continued ownership, first reported by the Wall Street Journal, comes despite Joe Biden saying that Hunter won’t “be involved in any business, any enterprise that is in conflict with or appears to be in conflict with where there’s appropriate distance from the presidency.”
Hunter Biden formed the investment business, called BHR Partners, 12 days after he joined his father aboard Air Force Two for a December 2013 trip to Beijing.
The Wall Street Journal reported that the firm is “controlled and funded primarily by large Chinese government-owned shareholders,” including the Bank of China.