Xiaomi announced in a statement on Wednesday that it has been officially removed from a U.S. government blacklist of “Chinese military enterprises.”
According to a statement on the Hong Kong Stock Exchange’s website, the United States District Court for the District of Columbia delivered a final ruling on Tuesday afternoon, Eastern time, lifting the United States Department of Defense’s identification of Xiaomi as a “Chinese military firm.”
According to the announcement, it formally abolished all limitations on U.S. investors purchasing or holding the company’s securities.
On January 14, nine Chinese companies, including Xiaomi, were added to a blacklist of accused Chinese military enterprises as part of a restriction ordered by former U.S. President Donald Trump, which requires American investors to sell their shares in the blacklisted companies by November 11, 2021.
China said that the U.S. administration has neither legal foundation nor procedural justice in labeling civil I.T. enterprises like Xiaomi as “Chinese military firms.”
Xiaomi filed legal action against the U.S. Defense and Treasury ministries on January 29.
Xiaomi and the U.S. government reached a deal in May to put the blacklisting that threatened to limit U.S. investment in the business on hold.
Source: CGTN News