Vivek Ramaswamy: From Business Ventures in China to Ohio Governor Race
Vivek Ramaswamy, a Republican candidate in the upcoming Ohio gubernatorial election, has a complex history with China through his business dealings, despite his current political stance against communism and China. Ramaswamy, known for his strong rhetoric against communism, is running against Democrat Amy Acton in a closely contested race.
Ramaswamy is the founder of Roivant Sciences, a biotechnology company established in 2014. He served as the CEO of Roivant until 2021. The company, known for developing medicines through its subsidiaries, established Sinovant in Shanghai in 2017. This project received financial backing from CITIC Private Equity (CITICPE), a firm linked to China’s state-owned enterprises that are influenced by the Chinese Communist Party (CCP).
Chinese state-owned entities, such as those connected to CITICPE, are either fully or partially government-owned. The CCP influences these entities by shaping economic goals, appointing leaders, and directing strategic initiatives. When Sinovant was launched, CITICPE functioned as the investment arm of CITIC Securities, itself a branch of the state-owned CITIC Group.
In 2018, CITICPE branched out from CITIC Securities and rebranded as CPE, yet maintained connections through shared investment funds. The firm’s CEO, Lieu Lefei, remained at its helm. Lefei, identified as a “princeling,” is the son of Liu Yunshan, a high-ranking official involved in internet censorship related to the Uyghur ethnic cleansing campaign, as reported.
The same year, Ramaswamy partnered with CITICPE again to establish Cytovant Biotechnology, another subsidiary located in China. A 2021 Federal Communications Commission (FCC) report raised national security concerns about CITIC Group’s subsidiaries, Pacific Networks and ComNet. Additionally, a 2017 report noted CITIC Group’s provision of a $10 billion credit line to Iran, a country the U.S. designates as a state sponsor of terrorism.
In July 2022, Roivant divested its interest in Cytovant. As of 2023, Ramaswamy remains the sixth-largest shareholder of Roivant, with an estimated net worth of $2.3 billion.
Ramaswamy recently described his campaign as potentially the “most important election for governor” in Ohio’s history, emphasizing his ambition to achieve “success over communism, success over socialism,” as he stated earlier this month.
The competitive nature of the race against Amy Acton is highlighted by recent polls, which indicate a tight contest between the candidates.
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