Back to Markets
Earnings● Neutral
Novogene Says Pentagon Erroneously Named It a Military-Linked Firm
Novogene said the Pentagon's June 8 designation was 'factually incorrect' and that it has no ties to the Chinese military. It is seeking removal from the list.
Continue with
Novogene on Monday said the U.S. Department of Defense had "erroneously" placed the Beijing-based genomics company on its Section 1260H list of military-associated firms and that it had started the process to get removed.
The designation, made June 8, is "factually incorrect," the company said in a statement. Novogene called itself an independent publicly listed enterprise with no state ownership or control. It said it does not meet the statutory criteria for the list under the National Defense Authorization Act for Fiscal Year 2021.
"Novogene has no ownership, control, beneficial ownership, affiliation, or relationship whatsoever with any military, intelligence, or other entities as contemplated under Section 1260H," the company said.
The erroneous listing adds Novogene to a Pentagon blacklist that currently includes more than 100 Chinese companies. Being on the list restricts U.S. persons from investing in the designated firms. Several previous designees have successfully petitioned for removal after providing evidence of no military ties.