US Removes Xiaomi From List Of Banned Chinese Companies
As expected, the US has removed China’s Xiaomi from an official government blocklist prohibiting Americans from buying or holding its stock. The smartphone manufacturer quickly filed a legal complaint in January against its designation as a Chinese Communist Military Company (CCMC). Xiaomi said today that the US District Court for Columbia District has issued a final injunction to “remove” it from the list.
“The company confirms that it is an open, transparent, publicly-traded, independently owned and operated company,” said Lei Jun, Xiaomi Chairman, in a statement posted on the Hong Kong Stock Exchange.Via YahooNews
Xiaomi’s removal from the list is a resounding victory for the Chinese technology company – the world’s third-largest smartphone maker according to IDC – which warned that the CCMC designation would cause “irreparable damage” to its company.
As one of the last major measures against Beijing in the Trump era, the blocklist prohibited Americans from investing in companies that the Pentagon suspected would aid the Chinese People’s Liberation Army. Xiaomi isn’t the only Chinese company celebrating today. Luokung Technology, a big data provider that had also taken legal action against the CCMC designation, was also removed from the list.