05:54 AM EDT, 05/07/2025 (MT Newswires) -- (Updates with JPMorgan's ( JPM ) response in the fourth paragraph.)

JPMorgan Chase ( JPM ) and other US investment banks are steering clear of Hong Kong initial public offering of China's Chery Automobile, Bloomberg reported Tuesday, citing unnamed people familiar with the matter.

JPMorgan Chase ( JPM ) was initially slated to be part of the offering but dropped off, allowing Chinese investment banks to sponsor the offering, the report said.

Bloomberg's report speculated that US investment banks may be avoiding Chery because it has become one of the top-selling automobiles in Russia, which is under Western sanctions over its invasion of Ukraine.

JPMorgan ( JPM ) declined to comment, while Chery did not immediately reply to MT Newswires' request for comment.

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