XIAOM UNBANNED? ✅ GOOD NEWS | Xiaomi Sues US Seeking to reverse investment Ban

Xiaomi Corp sued the US Defense and Treasury departments, challenging a blacklisting that blocks American investors from buying the Chinese smartphone giant’s securities. The lawsuit came after the Defense Department determined earlier this month that China’s biggest smartphone maker was affiliated with the People’s Liberation Army. Beijing-based Xiaomi called the blacklisting “unconstitutional” and seeks a court ruling to reverse the designation, which was made in the waning days of the Trump administration. Shares in China’s Xiaomi tumble after US investment ban Washington order means US shareholders in smartphone group could be forced to divest Shares in China’s Xiaomi sank after the US defence department added the smartphone group to an investment blacklist, in a move that is likely to thin its ranks of US shareholders. The Beijing-based company’s stock dropped as much as 13.6 per cent in Hong Kong trading on Friday, hours after the Pentagon added it to a list of companies with suspected ties to the Chinese military. That, in conjunction with a separate executive order, will block US investors from buying its shares 60 days from now and will require Americans to eventually sell their holdings. The move marks a significant blow for Xiaomi, which had been a big beneficiary of Washington’s campaign of sanctions against Chinese competitor Huawei. That had helped Xiaomi’s sales to surpass US group Apple’s, making it the world’s number three phonemaker by units sold in the third quarter


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