Hikvision shares plummet after reports Biden administration is considering more sanctions

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Hikvision promotions dropped by 10% after Financial Times report that the Biden administration plans to impose additional sanctions on the company that produces surveillance cameras, accusing it of allowing human rights violations.

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The Financial Times reports that the sanctions will have “far-reaching implications because companies and governments dealing with Hikvision … risk violating U.S. sanctions.” According to the Financial Times, this will be the first time that the White House has imposed such sanctions on such a large company. The company is the world’s largest manufacturer of video surveillance equipment.

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In 2019, Hikvision and Dahua, another video surveillance technology company, have been listed as government agencies in the United States for his role in human rights violations among Muslim minorities in China, including the Uyghurs. But many municipalities in the US still use Hikvision cameras. According to contract data reviewed by TechCrunch in May.At least 100 counties, cities, and towns in the US have purchased surveillance equipment from Hikvision and Dahua. They can do this because federal actions don’t apply at the state and city level.

In a statement emailed to TechCrunch, a Hikvision spokesperson said: “Potential US government action has been reported to be yet to be tested. We believe that any such sanction must be based on credible evidence and due process. We hope that we will be treated fairly and impartially.”

Hikvision is among the many Chinese tech companies targeted by the US government with separate actions rather than a coordinated plan to curb their growth.

tik tak was one of the prime examples under the Trump administration. More recently, under the Biden administration, Weibo added to delisting watchlist The Securities and Exchange Commission. DJI, along with seven other companies, has been blacklisted as an investment in December 2021, for alleged involvement in spying on Uyghur Muslims. The drone maker was already on the Commerce Department’s list of entities, meaning US companies cannot sell its components unless they have a license.


Credit: techcrunch.com /

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