Our research has revealed how Chinese state-owned companies, particularly NORINCO and CASIC, have provided Hezbollah with a range of weapons, including anti-ship missiles, rockets, and MANPADS. Despite being sanctioned by the U.S., their publicly traded subsidiaries continue to receive significant foreign investment, primarily from American asset managers such as Vanguard.

Western investment in these firms indirectly funds Hezbollah and other destabilizing actors. It is therefore crucial to enforce capital market sanctions on the subsidiaries of NORINCO and CASIC. By disrupting the financial flows supporting Iran and its proxies, we would not only weaken the supply chains of terrorist groups, but also send an unmistakable message to Moscow, Beijing, and other such enablers: the free world will no longer allow its capital markets to bankroll adversaries and facilitate the supply of advanced weaponry to terrorist organizations.