Vivek Ramaswamy, a Republican candidate for Ohio governor, is drawing attention for his past business dealings with entities linked to the Chinese Communist Party, despite positioning himself as a strong opponent of communism and China’s influence.
The Rise of Roivant Sciences
Ramaswamy launched Roivant Sciences, a biotechnology company, in 2014 and led it as CEO until 2021. The firm specializes in developing medicines through its various subsidiaries.
Sinovant and CITICPE Connection
In 2017, Roivant established Sinovant, a subsidiary based in Shanghai, with partial financial backing from CITIC Private Equity (CITICPE). This investment firm is part of a complex network of Chinese state-owned enterprises under the influence of the Communist Party.
Chinese state-owned entities can either be wholly or partially government-owned. The Communist Party maintains control by dictating economic priorities, appointing leaders, and setting strategic goals.
At the time of Sinovant’s creation, CITICPE operated as the investment division of CITIC Securities, which was itself a branch of the state-controlled CITIC Group.
Strategic Shifts and Leadership Ties
In 2018, CITICPE separated from CITIC Securities, becoming CPE. Nonetheless, both firms continued their association through joint investment funds, as reported by the Prague Security Studies Institute. CITICPE’s long-time CEO, Lieu Lefei, known for his political connections as a “princeling,” continued to lead the firm. His father, Liu Yunshan, was reportedly involved in censoring information about the Uyghur ethnic cleansing campaign.
Further Business Ventures
Ramaswamy collaborated with CITICPE again in 2018 to create Cytovant Biotechnology, another subsidiary domiciled in China.
Concerns and Divestments
A 2021 Federal Communications Commission (FCC) report raised national security concerns about Pacific Networks and ComNet, subsidiaries of CITIC Group. This came after reports in 2017 revealed CITIC Group’s $10 billion credit line to Iran, a country labeled by the U.S. as a terrorism sponsor.
Roivant divested from Cytovant in July 2022. Ramaswamy remains involved with Roivant as its sixth-largest shareholder and holds an estimated net worth of $2.3 billion, according to a New York Times report.
Political Aspirations
This October, Ramaswamy stated that the 2026 gubernatorial race is “probably the most important election for governor” in Ohio’s history, signifying “success over communism, success over socialism.”
He faces competition from Democratic contender Amy Acton, the former Ohio Department of Health Director, in a closely contested race, according to recent polling data.
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