Fact-check: Do the Bidens own 10% of Chinese electric vehicle battery maker?
Viral image: "The Bidens own 10% of” a Chinese firm whose stock is up almost 300% since Joe Biden was elected.
PolitiFact rating: False
Here's why: A vague attack on "the Bidens" claims they own 10% of the Chinese company Contemporary Amperex Technology Ltd., and that the company’s stock "has soared almost 300%" since Joe Biden was elected.
CATL is known as China’s top battery maker and counts electric vehicle maker Tesla among its customers. It has been a hot stock as more automakers shift their attention to electric vehicles. A 10% stake would be worth about $18 billion.
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The attack, shared in a Facebook post, continues with a conspiracy theory alleging that the Bidens will profit because China has been in talks with the Taliban and will "take over" Afghanistan’s market for lithium, which is used in electric vehicle batteries.
Biden in August issued an executive order aimed at making half of all new vehicles sold in 2030 electric.
The Facebook post was flagged as part of Facebook’s efforts to combat false news and misinformation on its News Feed.
There is no evidence for either part of the claim.
No Bidens among largest shareholders: Three individuals own 10% or more of CATL, according to MarketScreener.com, a stock market and financial news website. They are the company’s chairman, Yu Qun Zeng; its vice chairman, Shi Lin Huang; and Chinese billionaire Zhen Hua Pei.
No individual stocks owned by Joe, Jill Biden: Since becoming president, Biden has filed one financial disclosure form for himself and his wife, Jill, on May 17, 2021. Previously, Biden filed a disclosure as a presidential candidate, on May 20, 2020. The forms show that the couple’s investments did not include any individual stocks.
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Joe Biden’s son Hunter has been scrutinized for his financial ties to China, but no reports have emerged that he has a large direct stake in CATL. The Wall Street Journal reported in December 2020 that Hunter Biden had a 10% stake in the private-equity firm Bohai Harvest RST (Shanghai) Equity Investment Fund Management Co. BHR, founded by a Chinese businessman, invested in CATL and profited from it, but Biden’s lawyer said Biden made no return on his own investment, according to the article.
Stock up 90%, not 300%: CATL shares trade on China’s Shenzhen stock exchange. The closing prices for CATL stock were 256.02 yuan (or about $40) on Nov. 3, 2020, the day of the presidential election; 266.43 yuan on Nov. 9, the first market day after Biden was declared the winner; and 486.50 yuan on Sept. 3, 2021, the last market day before the image was posted on Facebook. From Nov. 3, 2020, to Sept. 3, 2021, the price increased 90%.
In 2020, the year before Biden took office, the stock price tripled.
We rate the claim False.
Sources
Facebook, post, Sept. 5, 2021
Wall Street Journal, "Tesla Battery Supplier CATL Plans $9 Billion Share Sale to Boost Capacity," Aug. 13, 2021
MarketScreener.com, "Contemporary Amperex Technology Co., Limited (300750)," accessed Sept. 10, 2021
Yahoo Finance, "Contemporary Amperex Technology Co., Limited (300750.SZ)," accessed Sept. 10, 2021
The White House, Joe Biden financial disclosure form, May 17, 2021
JoeBiden.com, Joe Biden financial disclosure form, May 15, 2020
Forbes, "Forbes World's Billionaires List 2021Forbes World's Billionaires List — The Richest in 2021," accessed Sept. 10, 2021
Washington Examiner, "Hunter Biden still hasn’t divested from Chinese government-linked investment firm," June 21, 2021
Silview.com, "A Slice Of China’s Lithium Business Landed In Hunter Biden’s Lap Weeks Before They Handed The Afghan Treasures To CCP," Sept. 5, 2021
Wall Street Journal, "Hunter Biden’s Family Name Aided Deals With Foreign Tycoons," Dec. 22, 2020