US removes Xiaomi from blocklist of Chinese military companies

As expected, the US has removed China’s Xiaomi from an official government blocklist that barred Americans from buying or holding its stock. The smartphone maker had swiftly filed a legal complaint challenging its designation as a Communist Chinese Military Company (CCMC) in January. Today, Xiaomi said the US District Court for the District of Columbia had issued a final order “vacating” it from the list. 

“The company reiterates that it is an open, transparent, publicly traded, independently operated and managed corporation,” Xiaomi chairman Lei Jun said in the filing to the Hong Kong stock exchange.

Xiaomi’s removal from the list is a resounding victory for the Chinese tech company — the world’s third-largest smartphone maker, according to IDC — which warned the CCMC designation would cause “irreparable harm” to its business. 

One of the last major anti-Beijing policies of the Trump era, the blocklist prohibited Americans from investing in companies that the Pentagon suspected of helping 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 its CCMC designation, was also removed from the list.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

Source link

We will be happy to hear your thoughts

Leave a reply

Household Attire