Howard Lutnick runs the department that decides which Chinese companies can buy American chips. On Monday, the brokerage his family controls told the SEC it owns a third of a Beijing venture with a Chinese state company.
BGC Group's quarterly report, filed Nov. 9, lists a 33% stake in China Credit BGC Money Broking, valued at $22.73 million. Reuters identified the partner, China Credit Trust, as state-owned in 2024.
BGC bought back Lutnick's own shares last year. Cantor Fitzgerald controls BGC, and the filing says trusts controlled by his son Brandon bought the voting shares of Cantor's managing partner on Oct. 6, 2025.
The filing landed in the week Washington was told Lutnick defied the president on China. We do not believe that story.
