Caixin
May 06, 2022 03:11 AM
BUSINESS

China’s Hikvision Plummets as U.S. Weighs Severe Sanctions

Hikvision’s stock fell as low as 38.24 yuan ($5.75) a share in Shenzhen after the holiday break
Hikvision’s stock fell as low as 38.24 yuan ($5.75) a share in Shenzhen after the holiday break

(Bloomberg) — Shares of Hangzhou Hikvision Digital Technology Co. tumbled 10% as the U.S. considers imposing new sanctions on the surveillance technology giant, potentially the harshest measures so far against a major Chinese company.

The Biden administration is weighing whether to add the maker of cameras and surveillance systems to its Specially Designated Nationals and Blocked Persons List (SDN), according to people familiar with the situation. The sanctions would be related to alleged human rights violations by China against Muslim minorities in its far-Western region of Xinjiang. A final decision is unlikely this month, said one of the people, who declined to be identified as a decision isn’t finalized.

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