Patriots shouldn’t underwrite the Chinese Communist Party’s Ant Group IPO

Ant Group is the latest Chinese Communist Party company to seek to tap the savings of unwitting U.S. investors and others to raise immense amounts of money. More akin to termites than ants, it hollows out data collected from sources like American military personnel, to their detriment and our nation’s.

That’s why two years ago the Committee on Foreign Investment in the U.S. blocked Ant’s purchase of Moneygram, a fund-transfer service popular with service members. Now, the company is preparing to launch an IPO expected to garner $30 billion.

Originally, that was supposed to happen on Wall Street. Faced with growing concern about Chinese listings there, the IPO will be offered on Chinese markets. But U.S. financiers will be pushing their clients to subscribe.

American patriots don’t want to underwrite our enemy. Wall Street must be called out for continuing to do so.

This is Frank Gaffney.

About Frank Gaffney, Jr.

Frank Gaffney is the Founder and Executive Chairman of the Center for Security Policy in Washington, D.C. Under Mr. Gaffney's leadership, the Center has been nationally and internationally recognized as a resource for timely, informed and penetrating analyses of foreign and defense policy matters. Mr. Gaffney formerly acted as the Assistant Secretary of Defense for International Security Policy during the Reagan Administration, following four years of service as the Deputy Assistant Secretary of Defense for Nuclear Forces and Arms Control Policy. Previously, he was a professional staff member on the Senate Armed Services Committee under the chairmanship of the late Senator John Tower, and a national security legislative aide to the late Senator Henry M. Jackson.