{"text":[[{"start":9.5,"text":"Eric Trump is joining his father on a state visit to Beijing while a company linked to him and the US president’s family explores a deal with a Chinese chipmaker that American lawmakers have warned is connected to the ruling Communist Party."}],[{"start":23,"text":"Las Vegas-based fintech Alt5 Sigma, which has financial links to the Trump family’s World Liberty Financial crypto business, last month signed a memorandum of understanding with Nano Labs to build data centres in the US."}],[{"start":37.45,"text":"Eric Trump was designated an “observer” on Alt5 Sigma’s board last year, according to US securities filings. Zach Witkoff, the son of Steve Witkoff, President Donald Trump’s Middle East envoy, chairs the board. "}],[{"start":49.95,"text":"Alt5 Sigma and Nano said they would use a “90-day evaluation period” to consider more co-operation on AI data centres, cloud-based platforms for AI agents, and AI-native payments. They said that “any future collaboration remains subject to further negotiation”."}],[{"start":67,"text":"Hangzhou-headquartered Nano has drawn scrutiny from the US House of Representative’s panel on the Chinese Communist Party. The committee’s Republican chair and Republican senators last year wrote to the head of the Securities and Exchange Commission to warn that the interests of one of the company’s executives “creates a direct channel between Chinese military interests and western markets”."}],[{"start":88.15,"text":"The letter included Nano in a list of “high-risk” groups that it alleged “benefit from American investor capital while advancing the strategic objectives of the Chinese Communist Party (CCP), supporting military modernisation”."}],[{"start":102.15,"text":"Nano Labs and Alt5 did not respond to requests for comment."}],[{"start":106.45,"text":"A spokesperson for Eric Trump said he was “joining the president in his own personal capacity” along with his wife Lara. They added he “will not participate in any discussions or meetings related to any business entity”."}],[{"start":119.4,"text":"The spokesperson also said that Eric Trump “does not have business ventures in China nor plans on doing business in China”."}],[{"start":127.05000000000001,"text":"He told the FT last year that the Trump Organization had business opportunities in China, but had chosen to avoid the country."}],[{"start":134.8,"text":"“I’ve had a hundred opportunities to go into China, as you can imagine,” Eric Trump, who co-leads the Trump family businesses, said. “Our brand is hugely popular in China . . . [but] in the middle of tariffs and trade wars, it’s just not the right time, right?”"}],[{"start":149.85000000000002,"text":"He rang the opening bell at the Nasdaq in New York in August to celebrate the closing of a $1.5bn share offering by Alt5 Sigma, alongside his brother Donald Jr. World Liberty Financial was the lead investor on a $750mn portion of the deal, which was funded with WLFI digital tokens that are issued by the crypto group. "}],[{"start":170.40000000000003,"text":"The company said it planned to use some of the proceeds from the share sale to purchase additional WLFI tokens. Alt5 held roughly 7.3bn WLFI tokens — 7.3 per cent of total supply — on its balance sheet at the end of last year, carried at a value of $1.05bn, filings with US securities regulators show."}],[{"start":192.15000000000003,"text":"The company is rebranding to AI Financial Corporation."}],[{"start":196.35000000000002,"text":"Aside from chairing Alt5, Zach Witkoff is a co-founder and chief executive of World Liberty Financial. Zachary Folkman, an Alt 5 boardmember, is a World Liberty Financial co-founder."}],[{"start":209.15000000000003,"text":"World Liberty Financial declined to comment on the relationship between the two companies."}],[{"start":214.90000000000003,"text":"The FT reported earlier this month that Eric and Donald Trump Jr had contributed to a $1bn war chest assembled by a New York brokerage that has poured money into US companies in industries that are being championed by their father’s White House."}],[{"start":229.35000000000002,"text":"Asked about Eric Trump’s accompanying of the president while Alt5 is negotiating with Nano Labs, the White House said “President Trump only acts in the best interests of the American public” and added that “there are no conflicts of interest”."}],[{"start":243.95000000000002,"text":"Additional reporting by Alex Rogers in Washington"}],[{"start":255.20000000000002,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1778750617_4407.mp3"}