More than two dozen Democrats running in some of the most contested congressional races of 2026 have accepted donations from a wealthy investor with a financial interest in China’s success, public records show.

Donald Sussman owns a majority stake in New China Capital Management, a private equity firm with shares in several Chinese companies, according to documents recently filed with the Securities and Exchange Commission. Among the firm’s holdings are multiple ventures that are primarily, or at least partially, owned by the Chinese Communist Party.

Media outlets identify Sussman as a billionaire, though his precise net worth is unknown, with some estimates placing his wealth at around $500 million. 

Despite Sussman’s financial ties to the Chinese government, 28 Democratic congressional candidates have cumulatively accepted nearly $200,000 from him since January 2025, according to Federal Election Commission filings. Nearly all the Democrats Sussman contributed to are contesting seats that will be critical in determining which party controls Congress following the 2026 midterm elections.

Among the firms Sussman is invested in through his companies is China Resources Sanjiu, a Chinese state-owned pharmaceutical company that an industry report from 1994 identified as having been founded by the People’s Liberation Army. Other enterprises Sussman’s firms have taken stakes in include China Resources Land Limited, a state-owned real estate development company, and YTMicro, a state-backed chip manufacturer.

The Cathay Funds, which are managed by Sussman’s New China Capital Management, also owns a joint chemical manufacturing venture with Yankuang Group, a Chinese state-owned coal mining enterprise. 

Chinese leaders stand for the national anthem at the National People's Congress
China’s top leaders stand for the national anthem during the closing ceremony of the National People’s Congress held at the Great Hall of the People in Beijing, Tuesday, March 11, 2025. (AP Photo/Ng Han Guan)

China hawks maintain that, by accepting funding from donors with financial ties to the CCP, politicians erode public trust and open the door for potentially damaging conflicts of interest.

“Sussman‘s political behavior is beyond suspicious. Anyone investing in the CCP and then turning around and investing in American political races should raise the brightest red warning flags,” Michael Lucci, CEO of the national security organization State Armor, told the Washington Examiner.

“Investing in assets and firms controlled by the Chinese Communist Party ties an investor to the CCP‘s political motivations, which are often carried out directly through their state-owned enterprises and other companies. Investors in Chinese companies are often called upon to do China’s political bidding in the United States, as we’ve seen with investors and companies like AliPay and TikTok.”

Democrats who took cash from Sussman and are defending Republican-targeted seats include: Reps. Dave Min (D-CA), Don Davis (D-NC), Jahana Hayes (D-CT), Gabe Vasquez (D-NM), George Whitesides (D-CA), Janelle Bynum (D-OR), Josh Harder (D-CA), Josh Riley (D-NY), Marcy Kaptur (D-OH), John Mannion (D-NY), Marie Gluesenkamp Perez (D-WA), Frank Mrvan (D-IN), Nellie Pou (D-NJ), Steven Horsford (D-NV), Tom Suozzi (D-NY), Susie Lee (D-NV), Dina Titus (D-NV), and Eugene Vindman (D-VA).

“Congresswoman Gluesenkamp Perez is not beholden to anyone other than the people of the 3rd Congressional District,” a spokesman for her campaign told the Washington Examiner.

Some of these lawmakers, such as Suozzi and Kaptur, have been publicly critical of China.

Sen. Jon Ossoff (D-GA), also a major Republican target, accepted nearly $7,000 from Sussman.

Beyond defending contested seats, Sussman is also using his wealth to help Democrats go on the offensive.

Democratic candidates who have taken donations from Sussman since January 2025 include Maine Senate candidate Graham Platner, Colorado House candidate Adam Gray, New Hampshire Senate candidate Rep. Chris Pappas (D-NH), and Wisconsin House candidate Rebecca Cooke.

Sussman’s 2026 spending didn’t come out of nowhere. For years, he has been among the top donors to Democratic political committees.

Paloma Partners, a hedge fund founded and led by Sussman, was the largest contributor to former Secretary of State Hillary Clinton’s 2016 presidential campaign, when accounting for both employee and PAC donations, according to OpenSecrets. Campaign finance records show that Sussman himself has donated well over $100 million to Democratic political committees since 1981.

BYRON DONALDS TOOK LARGE DONATIONS FROM CCP-LINKED FIRM DESPITE CRITICISM OF CHINA

Seeing as the bulk of political contributions tend to come in the final stretch of an election, Sussman could very well have more contributions lined up for Democrats, particularly to committees that don’t have strict contribution limits. 

Sussman, for instance, has been known to cut large checks to House Majority PAC and the DCCC, two committees that work to help Democrats win control of the lower chamber of Congress. Over his lifetime, Sussman has given roughly $22.7 million to HMP and more than $1.1 million to the DCCC. 

The Washington Examiner reached out to every lawmaker and candidate mentioned for comment.