China Surveillance Camera Hikvision Sulks As U.S. Sanctions Loom
Chinese surveillance camera maker Hikvision said it hopes to be “treated fairly” by the US after the Financial Times reported that Washington may impose fresh sanctions on the firm for its alleged involvement in human rights violations in China’s Muslim-majority Xinjiang region, Zhou Xin reported for the South China Morning Post (SCMP).
Photo Insert: A Hikvision security camera
If the US adds the Hangzhou-based company to its Specially Designated Nationals (SDN) list, which would bar it from dealing with US companies or citizens, it would deal a heavy blow to the global operations of Hikvision, which has been on the US Entity List since October 2019.
The company’s shares tumbled by the daily limit of 10 percent in Shenzhen on Thursday following the FT report, which cited identified sources as saying that Washington has already begun briefing allies about the sanction plan.
Neither the White House nor the US Treasury Department, which administers the SDN, has confirmed or denied the report.
If the sanctions are imposed, it would mark an escalation of US punishment of Chinese tech firms as SDN includes much harsher measures than the Entity List, including the freezing of assets in the US and banning the targeted firms from conducting any financial transactions with US citizens or institutions.
In a statement on Thursday, Hikvision said it was aware of the report but noted that it “remains to be verified.”