On 24 November, an article from Kharon says that the Xinjiang Production and Construction Corps (XPCC) and its subsidiaries are deeply embedded within the global economy, and their commercial and financial ties with firms around the world are coming under fresh scrutiny in the wake of US sanctions imposed this Summer. It was designated due to its role in human rights abuses against ethnic minorities in China. However, it owns thousands of subsidiaries across China, including more than a dozen firms with shares traded on mainland China and Hong Kong stock exchanges, and the US allowed wind-down transactions until 30 November with majority-owned XPCC subsidiaries. In addition, XPCC may also own subsidiaries outside of China through nominee shareholders, according to corporate records, and the article gives an example.
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