This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Li Ning’s supply chain has been linked to state-sponsored forced labor programs in Xinjiang. In March 2022, U.S. Customs and Border Protection detained Li Ning products at ports following an investigation that found North Korean labor in the company’s supply chain. A 2025 report by the Helena Kennedy Centre for International Justice revealed that Li Ning, along with other major sportswear brands, owns facilities directly connected to the oppression of Uyghurs and the use of forced labor.
The company’s alleged complicity in these severe human rights violations led Norges Bank Investment Management (NBIM), the world’s largest sovereign wealth fund, to exclude Li Ning in March 2022. NBIM stated it acted due to “unacceptable risk that the company contributes to serious human-rights violations.” This exclusion reflects a determination that Li Ning’s operations are implicated in systematic human rights abuses, including forced labor, that fall under international human rights law.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.